Refund discrepancie

Forum|Forum|5 years ago
April 13, 2021
2 replies
18 views

When I efiled my taxes two weeks ago my refund was $474 now when I open my tax return my refund says $1294? How can I recover the difference in my return?

VolvoGirl

Level 15

Did you enter any unemployment? There have been major IRS changes for that. If it is unemployment the IRS will automatically adjust your return. So you do not need to amend. The state returns might not be ready yet.

If you have unemployment you can exclude up to 10,200 if your income is under $150,000. The exclusion will be on Schedule 1 Line 8 as a negative number. Your unemployment compensation will be on Line 7 of Schedule 1. The result flows to Form 1040 Line 8.

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend. The IRS will be adjusting it for you. See,

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

skynyrd10Author

Level 2

Guess I should be more specific, When I completed my taxes at the end of February Turbo Tax said I owed $1400 to federal. When I reopened my return in March it said I have a refund of $470, this was due to the unemployment no taxation. So I filed my return, yesterday I wanted to check the status of my return so I opened up Turbo Tax and after updating it now says my refund is $1294? I just received $470 today do they still owe me $800?