I filed my federal and state taxes on March 9, before the Recovery Act was signed. My TurboTax now shows a refund for my federal taxes. I've been told to not do anything; however, my state taxes owed have changed. TurboTax says that I should get a refund from my state. How do I go about getting this? File an amended return? Or wait?
I think the new refund is the new amount and you don't have to pay the original tax due. If you did pay it then the IRS probably would send it back to you plus the $58.
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.
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may
Thanks, SweetieJean. But what about my federal return? The return that I filed back in March using Turbotax says that I owed $1,779. It now says that I get a $58 refund. Is that after paying the $1,779, or should I not pay anything and wait to get my refund?
I don't want to be hit with penalties if I should have paid.
I think the new refund is the new amount and you don't have to pay the original tax due. If you did pay it then the IRS probably would send it back to you plus the $58.
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.
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may