I eFiled my 2020 Tax Return on 4/14/21.
Now when I open that same return in Turbo Tax after updating TurboTax that return shows different calculations/a lower number for taxable income, and a higher number for total payments resulting in $1126 larger refund! Did a tax rule change since 4/14/21 that would reduce my taxable income calculation?
If so do I need to file an amended return to get the additional refund?
Maybe I should have waited until the 5/17/21 deadline?!
If you filed before the tax law change… the IRS will recalculate your return for the new unemployment exemption for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
They are starting to go out. See this new IRS article May 14, 2021
And this one from 6/4/21
You may need to amend your state return,
Thanks for the response. That $10,200 exemption was reflected in the original file eFiled in April.
Not sure if I am missing something, but it seems the issue is a bug with the TurboTax Program recalculating the file when I open because when I open TurboTax and the 2020 filing it shows the higher federal return amount at the top of the screen and when you hover over that you can see different amounts for taxable income, total tax, total payments than what was saved and filed in April. Now, when I save the file, close/re-open TurboTax and select print/save it as a pdf and review it is is the same as when I filed it in April...
Is this a known issue and does anyone else see this issue when selecting continue/re-open a filed return where it shows a different refund amount and other numbers than the saved/filed return has when hovering over the Federal Return amount shown in green at the top of the screen?