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Level 1
posted May 24, 2021 6:48:53 AM

IRS changed refund amount.

The IRS adjusted the amount of my refund (+11.43). Do I adjust the value in the Turbo Tax 2020 return or do I have to remember this and make the adjustment in the 2021 return?

0 2 420
2 Replies
Level 15
May 24, 2021 6:58:04 AM

Since it includes cents that is probably interest they paid you due to the delay in the processing ... it is taxable interest and they should send you a notice in January as a reminder to include it on the 2021 return. 

Level 1
May 24, 2021 12:29:46 PM

Thank you for the very prompt reply. It does make sense that is the interest generated from the refund. I have never had a delay in receiving a refund before, so I have never seen an interest payment. I'll be on the lookout for the documentation from the IRS and add it to the folder for my 2021 taxes.