As you may have heard, part of the American Recovery Plan included exempting the first $10,200 of unemployment received in 2020. This is an extremely beneficial part of the Plan. The hard part was they decided to do this AFTER millions of people had already filed their 2020 tax returns.
If you are one of those people affected by this decision, we will need to address your return. We understand that you are anxious to have this resolved, however, please note that as tax season is still in full swing, we must give priority to those folks who still need to be filed.
We will be looking at the returns that will need to be amended after May 31st. It is our understanding that the IRS will actually make adjustments to returns that have already been filed UNLESS those returns contain credits that are affected by this exemption. Then it will be up to the taxpayer to amend. The State of Maine will not be amending returns.
Sadly, if we file an amended return for you, there will be a fee. We have not yet determined what that fee will be.
If you decide to amend your return yourself, you will need to provide a copy to us to ensure our records are accurate.