I filed my taxes a month ago and on Monday I received a large refund check from the IRS, I have scoured my 11 page IRS transcript and I can't figure out what/why they changed it. I used turbo tax and imported almost everything. I assume I need to amend my return to update my state taxes. But I don't know what to amend. You would think the transcript would be more helpful. I'm waiting for an IRS notice. Is there a product/person to interpret an IRS Transcript?
Only an IRS employee with access to your entire Master File record would be able to tell you with some certainty what's going on with your refund. That said, the IRS' Master File Codes used in transcripts are available to the public.
You can search Section 8A, Master File Codes - Transaction, MF and IDRS Collection Status, Freeze and IDRS Status 48, Restrictive and Filing Requirements in the 2022 version of Document 6209 - ADP and IDRS Information for the codes you mention.
Bear in mind that the IRS is most likely using an updated 2023 version of this document.
Since you haven't yet received an IRS notice, your best course of action is probably to contact the IRS by mail – return receipt requested -- explaining what you’ve explained here. If you received a letter related to the refund, and it has a valid address, use that address. If you don’t have an address, you can also Contact Your Local IRS Office for advice. They might be able to interpret what's going on.
Only an IRS employee with access to your entire Master File record would be able to tell you with some certainty what's going on with your refund. That said, the IRS' Master File Codes used in transcripts are available to the public.
You can search Section 8A, Master File Codes - Transaction, MF and IDRS Collection Status, Freeze and IDRS Status 48, Restrictive and Filing Requirements in the 2022 version of Document 6209 - ADP and IDRS Information for the codes you mention.
Bear in mind that the IRS is most likely using an updated 2023 version of this document.
Since you haven't yet received an IRS notice, your best course of action is probably to contact the IRS by mail – return receipt requested -- explaining what you’ve explained here. If you received a letter related to the refund, and it has a valid address, use that address. If you don’t have an address, you can also Contact Your Local IRS Office for advice. They might be able to interpret what's going on.
I compared the TurboTax PDF to the IRS Transcript and narrowed it down to these lines below. The IRS calculation XXX is lower than the TurboTax calculation YYY. Does these mean I need to amend my return including state? Is TurboTax calculating something incorrectly? I compared all other lines in TurboTax vs IRS transcript and this is the only difference I can find.
TOTAL ASSESSMENT PER COMPUTER:.....................................$XXX,XXX.00
TOTAL TAX LIABILITY TP FIGURES:....................................$YYY,YYY.00
TOTAL TAX LIABILITY TP FIGURES PER COMPUTER:.......................$XXX,XXX.00
To amend your 2022 tax return: Wait to see if your return has been accepted or rejected by the IRS or state. If rejected, you can correct and re-send your return. If accepted you should wait until your return has been processed and you receive your refund or confirmation that any tax due has been paid. If you file an amended return while your first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time. In addition, if the IRS makes any change to your original return, you might end up having to amend the amendment. Amended returns can be e-filed or mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
Be sure to save a copy of your return before you begin to amend it.
Please see this Turbo Tax FAQ on when to amend.
Can I amend a pending return?