Cheapest way to e-file ???

[MLC]

We pay $420 for a CPA to do our state and federal and consider it money well spent. In January we received a letter from the IRS telling us we owe $308,000 in back taxes for the 2018 year. We don’t, it’s a misunderstanding from the sale of our lake home in Minnesota, but I’m very glad we’ve had a CPA who we know and trust, to represent us.

 

[Pucky Freak]

My wife is on me that we need to amend our taxes! She received unemployment in 2020 and thanks to brother Biden’s stimulus package last week she says that unemployment is no taxable income. Is it going to be worth the time and cost to amend our taxes? She was working 32 hours a week and getting unemployment for the other 8 hours.

Yes, likely. It applies to unemployment received in 2020, the first 10.2k. It does not take very long at all to complete an amended return.

 

[westbranch]

My wife is on me that we need to amend our taxes! She received unemployment in 2020 and thanks to brother Biden’s stimulus package last week she says that unemployment is no taxable income. Is it going to be worth the time and cost to amend our taxes? She was working 32 hours a week and getting unemployment for the other 8 hours.

Right now the IRS is saying to hold off on amending, they are looking at options for automatic corrections. The IRS is many months behind on processing 2019 amended tax returns so even if it takes a couple months for them to issue refunds it may be quicker than getting a 2020 amended tax return processed. If close to the 10k in unemployment its probably a refund of between 1200-2200 depending on where a person falls in the tax brackets.

At the state level you will also need to wait to see if/when you state conforms to the federal tax law.