You can submit Form 1040-X electronically using most tax software options on the market. How do you file an amended tax form, if needed? There are special rules, however, for refund claims related to net operating losses, foreign tax credits, bad debts and other issues. Generally, to claim a refund, you have to file Form 1040-X within three years after the date you filed your original return, or within two years of the date you paid the tax - whichever is later, according to the IRS.
Timing-wise, when would I need to file an amended tax form? You don't need to file an amended tax form to take advantage of the new expanded Child Tax Credit. Payments should be automatic for those who file their 2020 tax returns by May 17, the new tax deadline. Those who received unemployment benefits last year and already filed their 2020 return should not file an amended return unless the IRS issues additional guidance later.
For those who haven't filed yet, the IRS will provide a worksheet for paper filers, and work with tax software companies so taxpayers can determine how to report their unemployment income on their return. The IRS will provide additional information on the provisions that could affect your 2020 return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. The IRS has begun making 2 million "plus-up" payments to people who need an adjustment to their third stimulus check totalĀ as a result of changes in their 2020 taxes, the agency announced April 2. "The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time," the IRS said March 12.
When it comes to all of the new provisions in the new stimulus package - including the expanded child tax credit, earned income tax credit and unemployment tax breaks - taxpayers should not file an amended return. Why don't I need to file to get the 2021 child tax credit, unemployment tax breaks and other benefits?