After I e-file my return each year, I never allow TT to update for the specific reason you stated. (For others reading this, TT always wants to auto-update at startup. When you install the software, be sure to check "Always ask me before updating.)
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.
At this stage, that is unlikely.
If you have a paper copy of original return, you don't have to recreate file, even though TurboTax implies that you do
Yes, having a paper copy is very important. However, most paper copies don't allow you to drill down to see what has populated certain printed fields. Although it's unlikely, an update could slightly change some calculations. To be safe, I recommend not updating after you e-file (and do keep a paper copy as well).
If you are preparing returns for more than one filer, that may not be an option.
My concern is that TurboTax is not allowing me to continue to TurboTax if I don't agree to the update.
No chance now to make a paper copy if not done previously..
TT says this is a critical update -- that's a really comforting thought!!!
Why doesn't TT disclose the change before asking us to permit the update?
Any allowed update after efiling should clearly identify any changes. D
It should be completely TurboTax's responsibility to alert you that "this set of updates has the potential to change your return". Why do they still issue updates in November 2019 for the 2018 tax version???? Complete liability for errors created or underpayment or refund amount errors. They have a test squad that could easily tell. If they don't they're in breach of implied fitness for purpose.
I have a $200 refund in my favor that I am missing out on due to updates after E-filed. I’m not too sure what to do from here.
To clarify, after you filed there was an update in TurboTax that would increase your tax refund by $200?
If that is the case, you can amend your return once Form 1040X becomes available. Please see How do I amend my 2020 return? for more information.
@osctioc
That is correct. That is the case. I am worried that if I amend, that the amendment refund amount will be $0 and will not apply the $200 delta. Because this seems to be a core calculation. I have made zero changes. This is 100% related to TT updates.
All the same, thank you for the reply!
@ocstioc You are correct, if you go into your return now to make changes, your refund meter will reset to $0. As Michelle stated above please follow the How to Amend your return FAQ.
If you have already e-filed or mailed the return, then you will need to wait until the IRS has accepted or rejected that return before you can make any changes. You can amend your return to make changes.
If they reject it, then you can make the needed changes and re-submit the return. How do I fix a rejected return?
If they accept it, then you will need to wait until you have received your refund, if applicable, and then amend that return to make changes, if needed. Amended returns have to be printed and mailed in and take up to 16 weeks to be processed.
If accepted, wait until you have received your refund or taxes due paid, then you can go here for instructions on amending your return.
For more information, please see the link below on how the refund math works on Amendments: How does the refund math work on amendments?
I didn't make a paper copy. However, I did make a .pdf copy and saved it my computer hard drive. Is that sufficient?
Yes, as that .pdf would allow you to print off a paper copy should you ever need one.
What, if anything, should I do if I do not get an email response from the IRS and/or my state govt regarding them accepting my efile? I did get a response from Turbotax that they each received my efile (I got this a few hours after I filed it)..but what if don't get the emails they tell me to look for? I didn't get any last year or before that I can find. Please note, that regarding my efile this year, I expect no refund, nor do I need to pay any taxes. My tax return essentially 0 returns or amount owed. Should I still get an email from the IRS and my state govt saying that all is ok?..or should I expect o result?
You will not get an email notifying you that your return was processed. If you're not expecting a refund, I suggest you request transcripts to check your return processing. Please click here to request a transcript.