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Level 2
posted May 26, 2021 5:32:50 PM

filed taxes for 2020 by mail march 2021. subsequent turbo tax updates lower the amount I owe

my mailed return in March 2021 showed I owed 16204.00

After Turbo tax updates my tax liability has been significantly reduced. Should I send an amended return?

Also should I send a check for just the updated lower amount turbo tax now claims I owe?

no information on my return changed it seems as though a new tax credit was issued by the feds that lowers my tax bill

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1 Replies
Level 15
May 26, 2021 5:36:26 PM

Did you have unemployment?

If you have filed. The IRS will recalculate your return for the new 10,200 unemployment exemption for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.

 

See new IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-exclusion-periodic-payments-to-be-made-may-through-summer

 

Do you need to amend your state return?

https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732