Tax Changes to give me more money back?
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kristi49
New Member

Tax Changes to give me more money back?

I went in to TurboTax to to file an amendment because I thought I had missed a 1098 for mortgage interest.  The refund calculations didn't reset to 0 but reset to new amounts a little over 300 without me doing anything.  Turns out i didn't miss the 1098 and it was already there.  The amendment shows I get a little more refund, but I don't know why and am a little nervous sending it in.  Did something change since Feb that would give me more money back?

2 Replies
DanaB27
Employee Tax Expert

Tax Changes to give me more money back?

Yes, there were the changes from the American Rescue Plan. You might want to compare the new Form 1040 with he original Form 1040 to see where the changes come from.

 

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable. If this applies to you then you do not need to amend your return the IRS will make the adjustment automatically. Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for details.

 

The Plan also relieves eligible taxpayers of having to pay back any excess advance premium tax credit they took. If you used any credit to lower your monthly health insurance payment when you applied for coverage in the Health Insurance Marketplace®, you might not have to pay it back under the new law. Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return.  Please check out the latest release from the IRS for more details.

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Critter-3
Level 15

Tax Changes to give me more money back?

If your return changed for the unemployment or PTC repayment then you should do NOTHING ... the IRS is making the corrections and sending any excess refund automatically.  This is scheduled to happen in May or later. 

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