I already filed my taxes and had to pay Federal Tax. They already took the amount out of my bank account. Now with the changes made to EDD, I ran TurboTax again with the new updates and my amount owed is a lot less. If I read correctly, the IRS will make this adjustment and put money back into my bank account without me having to do an amended tax return?
That is correct.
The IRS asks that Taxpayers NOT amend, the IRS will adjust returns already filed.
The refund will be direct deposited or sent as a check.
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This applies to me also. I filed and paid my taxes last month. When I revisited my TT files, there was a credit (in green) so I thought I should file an amendment. I had some problems so did not file again. Now your answer says that the IRS will automatically send a refund. Is that correct?
If you followed the amend process in TurboTax online, then you just click cancel amend and nothing will be saved.
If you amended with the desktop version, then the amend is a separate file and can be deleted without affecting the original return.
If you attempted to amend in your original file and not with the amend process, then you cannot back out of the changes and will need to manually change the return back to its original state.
Always make sure you are following the amend steps property.
I have a similar problem except the change affected two things. One was the 1095-A form for Health Insurance Tax Credit. Will they be doing that automatically also? They have already taken my payment that I originally owed from my bank account. But now instead of owing $4500 I should be getting a $5000 refund. Do I need to file an amendment or will they catch that?