Hi folks! Big announcement from the IRS about how they will be handling returns filed before the delightful retroactive tax law change!
They will be automatically adjusting returns and starting to issue refunds in May (they are doing single people first, then married). For a lot of you, that will be sufficient! But for a lot of you it will not, because your reduced income might qualify you for new credits etc, and some of you might want to also amend your state return.
After May 17, I will start going through all the previously filed returns and checking into what your new total should be. I will send you an email checking in with you about how much you got from the IRS and if it matches what I think you should get, great! If it does not, then we will amend and get you more money. There are about 100 of you, so it's going to take me at least a month to get to everybody. Please don't email me unless you haven't heard from me by July 1, I will get to you as soon as I can!
Make sure your address is updated with the IRS - they will probably use your bank account if they have it, but if not they will be mailing checks.
Link to IRS press release: https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may
There have yet to be any announcements (or any guidance at all) about those of you with Health Care Tax Credit issues - my bet is we will need to amend those. I don't even have a patch to file those currently, but hopefully I will get that soon.
They will be automatically adjusting returns and starting to issue refunds in May (they are doing single people first, then married). For a lot of you, that will be sufficient! But for a lot of you it will not, because your reduced income might qualify you for new credits etc, and some of you might want to also amend your state return.
After May 17, I will start going through all the previously filed returns and checking into what your new total should be. I will send you an email checking in with you about how much you got from the IRS and if it matches what I think you should get, great! If it does not, then we will amend and get you more money. There are about 100 of you, so it's going to take me at least a month to get to everybody. Please don't email me unless you haven't heard from me by July 1, I will get to you as soon as I can!
Make sure your address is updated with the IRS - they will probably use your bank account if they have it, but if not they will be mailing checks.
Link to IRS press release: https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may
There have yet to be any announcements (or any guidance at all) about those of you with Health Care Tax Credit issues - my bet is we will need to amend those. I don't even have a patch to file those currently, but hopefully I will get that soon.
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