The IRS will Handle Unemployment Returns, Don’t Amend
Returns that reported unemployment benefits prior to the $10,200 exclusion enactment should not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer’s account accordingly. The IRS will then send any refund amount directly to the taxpayer.
And now the not so good news; The IRS has not yet decided on a timeline for making adjustments and sending refunds. Look for an official news release in the coming days: In the meanwhile, we are advising taxpayers as follows:
Don’t Hold Your Breath while you’re waiting for your refund!
IRS vs IRS (more not so good)
Although the IRS extended the filing AND payment deadline for individual taxpayers… It did not extend the due date for making Estimated Tax Payments. Your First estimated tax payment is due on, good old April 15th of 2021.
The States vs the IRS
This one we are putting on the states. Although the IRS extended the filing / payment deadline. What about your state? States have been announcing extended due dates so check out your state income tax return filing and payment of tax due date(s).