Unemployment

Forum|Forum|5 years ago
March 17, 2021
6 replies
16 views

I was wondering about the tax returns that we have already done. I guess we will be expected to go back and make all the tax returns we have done and find the ones that had unemployment?

ProSeries Basic

This topic has been closed for replies.

L

LG-CPA

Level 4

The IRS doesn't want anyone to amend tax returns if they filed already but paid tax on unemployment. It is possible the IRS will adjust and send out refunds.

BobKamman

Level 15

It will take IRS a few weeks to figure out it's impossible to adjust on their own. They can find returns reporting unemployment, and they can find returns with a negative number on Line 8 of Schedule 1, but they can't automatically determine if that number relates to the unemployment received. They can also match 1099-G data from states to returns, but they can't tell how much of it was already deducted on Line 8 (maybe the taxpayer had an NOL), and they can't recompute some of the other deductions and credits that depend on AGI.

L

LG-CPA

Level 4

Agreed - I think their "don't amend yet" is just a stall-tactic because they are overwhelmed. Thanks Congress! We all appreciate that you crapped up yet another tax season.

Sign up

Login with SSO

Let's get you signed in

Login with SSO