After I filed my federal taxes already for 2020 before the unemployment of 10200 was updated in turbo tax I went back in and turbo tax and it updated my return automatically and I now get a much larger refund but since it updated it I can not file an amended return as it looks like New updated return in turbo tax. Before you tell me about the governement updating it and send me the difference without filing a return this effected other items on my return other then unemployment and the federal rebates. It also gave me more money on the American Opportunity credit. also I know what ever money I am going to get should come this month of July 2021. But I do not see how they can make all the adjustments as a result of the unemployment and want to file an amendment. Please let me know how.
NO ... the IRS will correct the return themselves and they do NOT want you to mail in an amended return. They are taking a long time to do this and there is no way to track it or get a date of completion so all you can do is wait.
When the IRS recalculates your tax return they will adjust the American Opportunity Credit. Do not file an amended return.
I don't know why you think your refund should come in July. The IRS says it will take all summer to send all the refunds. Summer ends September 22, and it could turn out to take longer than they expect. Since adjusting your tax return requires recalculating the American Opportunity Credit, it will be one of the last ones that they do.
Thanks for the reply, I read somewhere that they were going to be making the payouts in July. I do not want to be negative but I am not very confident in the IRS adjusting everyones return correctly and getting the correct amount back on my adjusted return. Since I have 3 years to file an amended return I guess I can wait until the fall to see what they send me before I look to file an amemded return.
Just received my fed return without the updated amount. It did have interest added on, but not the extra amount for unemployment .