Skip to main content
Level 2
March 29, 2021

is it necessary to amend the federal tax return due to the unemployment compensation exemption

  • March 29, 2021
  • 1 reply
  • 10 views

I filed tax return that contained unemployment compensation prior to the cares act.  Is it necessary to filed amended tax returns for those clients.

    This topic has been closed for replies.

    1 reply

    TAXOH
    Level 10
    March 29, 2021

    No.  IRS said to not amend.  They are supposedly going to make the necessary adjustment.

    Level 2
    April 5, 2021

    Based on this news release it will depend on if the change would entitle the client to new credits otherwise it is not needed.

    https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may