Why does my turbo say I owe the irs after the unemployment tax break!
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Your question is not clear. When did you file your tax return? Did you file before the tax law for unemployment changed---or after? Your TurboTax account will always show that you had tax due if that was the result of the return you prepared. TurboTax never knows if you paid your tax due and does not know if the IRS recalculated your return for unemployment.
I filed before the tax break! I went into my turbo to amend because I haven't received any tax break money an it said I owed $1000. I got tax return back in April.
OK... if you already got the unemployment exclusion refund from the IRS then BEFORE you start the amendment process you need to get the return looking exactly like the IRS changed it. Only then should you start the amendment process to make any other changes. You should click "Cancel Amendment" on the left side of your screen.
Look at the form 1040X …
Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.
If you completed it correctly you will see an entry on either line 16 OR 18:
On line 16 should be the amount you paid with your original return. If you paid nothing already then this line should be zero.
On line 18 should be the amount of your original refund you received. If you have not received your refund yet then you need to wait for it. If the refund changes from what you expected then this line must reflect that change.
Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.
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