Amend my return?

Forum|Forum|5 years ago
April 9, 2021
1 reply
2 views

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

Level 15

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-may

Critter-3

Level 15

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.

MP45Author

Level 2

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!