Amend my return?

[MP45]

I filed my 2020 federal taxes on 3/28/21 owing $3,790 mainly due to my wife's unemployment benefits. My return was accepted and the funds removed from my account. I updated Turbo tax today and it now says I only owe $648 which appears due to the federal pandemic assistance unemployment amount reducing my tax liability. Do I need to file an amended return or will the IRS identify the overpayment and refund the balance between what I paid and what I actually should have paid?

[DoninGA]

The IRS will recalculate the taxes due based on the unemployment compensation exclusion, starting in May, and send you a refund, if eligible.  There is no need to file an amended return for the exclusion.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

[Critter-3]

You do have the option to only send in the new lower balance due if you have not yet paid.  You now have until 5/17/21 to make the payment. 

[MP45]

Unfortunately, I already paid the entire original amount so interested to learn now if I will need to file an amended return or if the funds will be refunded. Thanks anyway!

[Critter-3]

If you have already paid then the IRS will recalculate the return and send the excess payment back but this will probably not happen until sometime in May so be patient.