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FoxholdDF
New Member

2020 Tax refund different after updating TurboTax

I opened (and updated) my TurboTax 2020 software so I could view my 2020 AGI for a college scholarship application I was trying to fill out. When I selected "Continue" on my file, the "updated" file displayed a considerable increase in the refund amount from that of the tax documents I had on file (I filed my initial paperwork electronically on 03/03/2020 and received my refund quite some time ago). I received unemployment benefits in 2020 and they are documented on Schedule 1 line 7, but now there is a negative amount on line 8 with "UCE" indicated as the income amount. This nearly negates the unemployment amount, reducing my tax burden (apparently) and increasing my refund (along with checking some obscure box saying I'm not a student). Do I need to file an amended return?

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2020 Tax refund different after updating TurboTax

No.  If you have filed early before the exclusion, the IRS will recalculate your return for the new 10,200 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.

 

Just keep waiting.  The IRS is sending them out in batches over the summer.

See IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

And see,

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

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2 Replies

2020 Tax refund different after updating TurboTax

No.  If you have filed early before the exclusion, the IRS will recalculate your return for the new 10,200 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.

 

Just keep waiting.  The IRS is sending them out in batches over the summer.

See IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

And see,

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

FoxholdDF
New Member

2020 Tax refund different after updating TurboTax

Thank you VolvoGirl! How about checking the "not a student" box on another form? It increased my refund by another couple hundred dollars. It popped up upon "review" of the updated file and said I should answer the question. I don't offhand remember the form. Thanks.

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