Amended return

[markoneydoornet]

I received a corrected SSA-1099 and started an amended return. Before I changed any data TurboTax showed an additional refund of several hundred dollars. Have there been changes in the tax laws since early February 2021? If not why would I show an increased refund amount before making changes? I continued to update my SSA-1099 and when done my AGI increased by about $1000.00 but my tax liability decreased by a little more than $500.00. Just trying to find what has changed before I file my amended return. Thanks 

[DanaB27 · Accepted solution]

Yes, there were various tax law changes because of the American Rescue Plan that might affect your tax return. There was the Advance Premium Tax Credit relief and Unemployment exclusion.

[markoneydoornet]

Thanks Dana,

By looking at my previous return I found the amount difference was due to Advance Premium Tax Credit relief.

Mark

[KathrynG3]

To report the corrected SSA-1099, an amended return is still required. Report what amount of the refund was actually received, too.

Form 1040-X will show the Advanced Premium Tax Credit reduced on Line 9, Column B if it is not corrected to be included in Column A. Be sure to check Line 18 for accurately capturing what you have actually received so that the Refund or Amount You Owe correctly captures everything, including the corrected SSA-1099 reporting.