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JoefromBK
Returning Member

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

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?

4 Replies
JoefromBK
Returning Member

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

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.

Irene2805
Expert Alumni

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

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:  

fanfare
Level 15

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

Always start with a hard copy of your original return before you try to amend. That's the only way to know whether Form 1040X is filled out correctly.

JoefromBK
Returning Member

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

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.

 

 

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