Latest update notes that the Federal portion of the return has been updated for the American Rescue Act Unemployment benefit for NEW returns. If not yet filed, the Federal portion will recalculate.

IMPORTANT! If filed already, the IRS has not issued guidance on how to amend. Big note in the TaxSlayer notification. Before you open any return that has already been filed, secure a previously printed copy of the Federal return. The next time you open the return, it will recalculate meaning you will not have the previous numbers to create the amendment.

NOTE that Oregon Department of Revenue website says “Taxpayers who received unemployment benefits in 2020 should wait for further information from the IRS and the Oregon Department of Revenue before filing an amended tax return or filing a new return. “

This author’s opinion is:

• if not yet filed, you can file the Fed and hold the Oregon for later filing or wait for both
• if filed, warn the taxpayers to hold on to the filed printed copy for later amendment, or if you are doing virtual, save them now for use when instructions are provided.

Read the TSO Notice