TT now showing higher refund than I received

[markusx1a]

I filed before TT had the update for the $10200 deduction.  Opening my desktop version:

WinPerReleaseMsi v. 020 OOO 1890 it shows a lot higher federal refund due to me than what I originally received.  But I cannot figure out how to refile to get it?  Any suggestions?

Thanks

[VolvoGirl]

Hmmmmm, I thought they stopped updating the Desktop returns for that.  You will need the original AGI when you efile 2021 next year.

If you 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.

[markusx1a]

"If you filed early before the exclusion, the IRS will recalculate your return for the new 10,200 unemployment exemption for you.."

I read somewhere that if you don't have it by end of July you probably have to file the amendment. 

Hack I did: I opened TT and selected 'Amend a Filed Return'.

NOTE: At anytime during the process you can go to File->Exit and select 'do not save' if your not liking the results.

• I selected my original filed return and selected the Amend button and it opened a page asking me: Why did the refund monitor go to zero?  However my refund dropped by the amount I already received from the IRS leaving me with like $1200 refund owned and it reflected that.  So TT was recognizing I was still owed money, but gives no guidance on how to refile. If I simply went to FILE at this point it says I don't have anything to file...YMMV. So this is what I did.
• I immediately went up to file and selected 'save as' and saved as: YournameAmended.tax.2020.
• Then selected the tab FEDERAL TAXES and it opened a page: Let's get your biggest possible refund.
• Selected Continue
• On the page that opened I selected I'll choose what I work on.
• Then on the 'Your 2020 Income Summary' page I chose to 'update' my unemployment.
• On the Enter your 1099-G info page I selected Continue.
• On the next page I edited the amount by subtracting 1 dollar just to inspire TT to save something.
• Then kept selecting continue until I got to the page with Done and selected it and it took me back to the 'Your 2020 Income Summary' page.
• I then went to the FILE tab up top and Filed my amended return and saved it upon exit.

Enjoy.

[xmasbaby0]

The IRS has continued to send out those unemployment refunds in batches.  Not sure where you got the incorrect information that they would stop in July.    But now you have filed an amended return---which will take about six months (or longer) for the IRS to process.   The IRS will cross check and see if they sent the unemployment refund to you before they send a refund for the Form 1040X.   Do not expect quick results from amending.

Even during “normal” times it takes about four months for the IRS to process an amended return.  During the pandemic and due to the severe backlog at the IRS it is taking much longer—six months or more for many amended returns.  Do not expect quick results from amending.  When the IRS issues a refund for an amended return it will be by check.  They do not make direct deposits for refunds for amended returns.  You can watch for information here:

https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1

[markusx1a]

"six months or more for many amended returns"

That is fine, if true.  Means I'll get it around Feb as opposed to starting the process in Feb.  There are many like myself on forums who both collected unemployment last year and filed early who are saying IRS has yet to process a correction.  

Nice opinion piece you two have provided regarding this.  Now, could you answer the original question of where to find a step by step document on how to use TT to file an amendment, for lets say a corrected tax form or one that was missed entirely?

[fanfare]

If you go to amend your return for UCE, you will see no change, because Turbotax already updated your return to include that.

It's Catch-22.

[Mike9241]

If you prepared your original tax return using TurboTax, log in to your account, open the tax return you already filed, and click on the link to amend your return. From there, the software will walk you through the process of filing the amendment.