New to the forum, and desperate for help. My 2020 Federal and NYS Returns were accepted. Now I just received a new K-1 (Form 1065) which add $823 of income. So when I open my TurboTax (Home & Business) file and select "Amend", it starts out with approx a $536 refund, before I change a thing.
I continued with the amending anyway, but even at the final stage, when I preview my 1040X, I'm getting a refund. The 1040X Form seems to show a reduction in my Adjusted Gross Income.
Does anyone know what is going on?
Correction - I'm going line-by-line on the pdf of the return, and it seems like the "Total Tax" went down and "Total Payments/Credits" went up, thereby giving me a refund without even changing a thing. I'm baffled and a bit concerned. Any thoughts would be appreciated.
Without seeing the return and K-1 it's hard to speak to the calculations.
If you or your spouse had any unemployment income, that would not be taxable now. Perhaps there was a penalty on a retirement distribution that no longer applies. There may be other things that would affect your return because of the American Rescue Plan (ARP). Please see this TurboTax article for guidance: How will the third stimulus impact me?
For further guidance please see these TurboTax Help articles:
Thanks so much for replying! Neither my spouse nor I had any unemployment income, nor any penalties for retirement distribution.
I took the K-1 out of the equation just to see what's going on. I simply opened up my original 2020 TurboTax file, selected "Amend", and without making any changes at all I looked at a printout of the amended return. It shows an incorrect (i.e. higher) dollar amount in Taxes Paid that I actually paid. And it therefore wants to reward me with a refund that was NOT in my original return. I must be doing something wrong but I can't see what that might be. I don't know where TT is getting the amount in Taxes Paid, but it's not the same number as in my original return.
Many thanks to all for your help. If I figure it out I'll send a post just to enlighten others who might experience this.