turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My return on TT is now showing an increased return after the Rescue Plan was passed. Do I need to file anything or will the IRS automatically refund me?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

My return on TT is now showing an increased return after the Rescue Plan was passed. Do I need to file anything or will the IRS automatically refund me?

If you have filed early before the exclusion, 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.

 

Just keep waiting.  The IRS is sending them out in batches over the summer.

See IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

And see,

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

 

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

 

If you didn't file early or Turbo Tax updated your return,  your unemployment compensation will be on Schedule 1 line 7.  The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.

My return on TT is now showing an increased return after the Rescue Plan was passed. Do I need to file anything or will the IRS automatically refund me?

Are you referring to the new tax law (American Rescue Plan Act, aka ARPA) from earlier this Spring with the "up to" $10,200 unemployment income exclusion?   If you filed prior to that new law, the IRS has been busy recalculating people's returns to provide any additional refund due.    The process will continue through the summer.   They worked on the simplest returns first.   Unfortunately, no one in a user community forum can tell you anything specific about when you would get yours.

 

See this latest IRS press release from June 4:

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

 

"The IRS plans to issue the next set of refunds in mid-June. The review of returns and processing corrections will continue during the summer as the IRS continues to review the simplest returns and then turns to more complex returns."

 

"Taxpayers will receive letters from the IRS, generally within 30 days of the adjustment, informing them of what kind of adjustment was made (such as refund, payment of IRS debt payment or payment offset for other authorized debts) and the amount of the adjustment."

 

 

My return on TT is now showing an increased return after the Rescue Plan was passed. Do I need to file anything or will the IRS automatically refund me?

I'm not sure, it looks like it increased my EITC. But my return has changed so I just wanted to make sure I didn't need to file anything

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies