TurboTax did a software update and my Fed Refund doubled. But I already filed...What now

[presleyhome]

I filed electronically in February.   IRS sent me a letter wanting more info on My Cobra tax credits since I was unemployed for 8 months in 2020 and made some Cobra payments out of pocket and I'm eligible for Health Coverage Tax Credit.  I'm in the process of putting that info together today so I bring up TurboTax to look at what I filed and TTax does a software update.  It completes the update and My Federal refund had almost doubled.   We are talking thousands of dollars.  What do I do now?  Seems it would be simpler to cancel the first return and refile with the HCTC info they want, and include the latest TTax return so I get the full, true refund.  I'm sure that is not an option, so what can I do?

Thanks you all,

Jim

[KrisD15 · Accepted solution]

Did you report Unemployment or excess Premium Tax Credits on the original return? 

If so, there have been changes in the tax law and now up to 10,200 unemployment is non-taxable and any excess tax credits do not need to be paid back. 

The IRS DOES NOT want taxpayers to amend for this, they are making the adjustments on the original returns; THEREFORE, TurboTax is adjusting copies of the original returns in TurboTax accounts. This way the information pulled NEXT year will be correct. 

Pease look at schedule 1 for a subtraction for the unemployment.  

[presleyhome]

Ahh.  Yes, Unemployment  for 6 months.  That's it.  Thank you!

Jim P