I filed a 2020 return for a client that forgot to tell me she had $20,000 in unemployment compensation. Since the return isn't due until 5/17/2021 can I file Form 1040X with State amended return now? Or wait until after 5/17/2021 and then amend?
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Since she is going to owe some additional tax, you want to do it before 5/17
But the return isn’t due until 5/17 so do I use Form 1040X with State amended return or don’t use 1040X and just submit another 1040?
1040X
Was there a refund on the original return? Has it been received yet? Sometimes it's better to wait for a large refund and then pay a smaller balance due.
It's not clear why you're asking about a state return -- is this for a state that recently changed how it deals with federal unemployment exclusion?
Yes the federal return had a refund and it has been paid. Since unemployment comp of ~$20,000 was received there's the $10,200 federal exclusion so there will be federal tax due. Also, this is for NY and I'll have to look to see if they adopt the federal rule on excluding $10,200 or their own rule and pay NY tax.
Ny didn’t adopt the fed exclusion (yet..... probably never. )
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