IRS Statement: Don’t File Amended Returns Related to the American Rescue Plan Act of 2021

IRS has announced that it is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about the new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible. IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.
IRS will provide additional guidance on those provisions that could affect 2020 tax returns, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, IRS will provide a worksheet for paper filers and work with the software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return.
Those who received unemployment benefits last year and have already filed their 2020 tax return should not file an amended return at this time, until IRS issues additional guidance.