Hi,
Strange, but good thing. 2 weeks ago I e-filed my federal return and received a refund of $6,435. However, today I logged into TurboTax to print my state tax forms to mail and my refund went up from $6,435 to $8,679. Good problem...right? Why did this happen? Turbo Tax did a software update when I logged in. Did something change? Do I need to do anything to get my extra refund - amend my form? Nothing has changed for me tax wise since I initially filed. This was all done and filed. Why did Turbo Tax recalculate my refund after zero changes by me? Just logged in and nothing else.
Thanks.
Jeff
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This looks like your account was adjusted for one of the tax relief measures that was just passed.
If you are in the 22% tax bracket, this is the exact amount you would recover for the $10,200 unemployment adjustment.
The IRS will recalculate their taxes, and adjust your account accordingly. They will then send any refund amount directly to you.
mine went from 3471 to 5266 but i filed 7 weeks ago and no money yey
The March 15 update did change some numbers but not all for the better. I filed my Colorado State Tax claiming a refund of $742. I waited on my Federal Taxes because I owed but a couple weeks later I decided to file my Federal taxes. After the March 15 update was applied my Federal Tax liability increased by close to $400 and my state refund was reduced by $89. It appears my Federal Taxable income had increased by the amount of a Beneficial IRA Distribution. I would have liked to roll the updates out so I could compare before and after but I couldn't see where Turbo tax provides that capability. Lastly, this morning, while writing this note, I pulled up my tax file and guess what; my Federal Tax liability changed again. I wonder why Turbo Tax can't put a message up on the screen pointing out that updates changed the tax amounts as opposed to staying silent. Are we expected to wait and file our returns at the last minute so Turbo Tax can get it right. I understand where Turbo Tax has to deal with late Congressional changes but in my case that is not applicable. Doesn't say much for the Turbo Tax guarantee.
Mime did the same my refund went from 7176 to 9931 but I haven't received the additional money is that what the irs is sending this week
Did you enter any unemployment? There was a change for that. You may have filed before it happened. Turbo Tax has been updated and will show you the new refund. For Online, you can log back into your return and it should automatically update your return and show you the new refund. But the updated return won't be sent. The IRS will adjust it for you.
You can exclude up to 10,200 of unemployment unless your income is over 150,000. The IRS will recalculate your return for the new unemployment exemption if you already filed.
If you have filed, the IRS will recalculate your return for the new 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 this new IRS May 14, 2021
https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...
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