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Level 2
posted Jul 12, 2021 8:54:15 PM

I submitted my 2020 tax return in 2/2021 and was not able to include the $10,200 tax credit. When will I get my amended refund? How do I know when IRS receivd amendment?

Has anyone amended their tax return or have most of you waited per turbotaxes recommendation?

0 2 602
2 Replies
Level 15
Jul 12, 2021 9:03:07 PM

 

The IRS is not “amending” your tax return.   There is not a Form 1040X being prepared.  The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

 

 

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

 

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

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-deduction-because-of-the-unemployment-income-exclusion/01/2211778

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

Level 2
Jul 13, 2021 11:18:46 PM

Thank you for your reply.  It's very helpful.