When to Amend a 2020 tax return?

[jeanmarc]

I want to know if we should Amend this return or wait for IRS to send our client a letter about it. Long story short, due to some confusion, we accidentally e-filed a return without entering the income amount on a 1099-G (Unemployment compensation). After entering income amount on the 1099-G, the client's Federal tax Refund amount does not change. Therefore, I am wondering if we should Amend now or wait for contact from the IRS to the client.

FYI: The State was rejected so I was able to correct the 1099-G for that and retransmit the State with the correct information.

Thanks in Advance!

[dkh]

Are you aware of the recent changes regarding unemployment wages ?  

[jeanmarc]

Yes, has ProSeries been updated with this information?  I'll have to look at the tax because I think in his case he is getting a full refund of his Federal taxes paid anyway.

[dkh]

I wouldn't amend unless the unemployment exceeds the exclusion amount. 

[clr600]

1040X will not be available until 3/18

[jeanmarc]

Thanks, I checked the tax this morning and it does exceed the exclusion amount. I'll reach out to the client about amending. It appears ProSeries is no updated for the $10,200 unemployment exclusion amount, am I correct?

[dkh]

Not yet

[jeanmarc]

Yes you're right, my confusion. Thanks!