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American Rescue Act: Previously filed returns with UCE (Unemployment) – IRS Guidance

23 Mar 21
Kim Manuel
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The IRS has officially posted the following information regarding returns previously filed and accepted with Unemployment.

If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.

Note:  This is for the 1040 Federal return only.  Many states have not determined how they will handle this change.

Note:  The IRS HAS NOT issued any guidance regarding excess PTC.

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