I did taxes prior to amendment and received federal tax refund. Now turbotax shows I have an overpayment.
Do I subtract the amount I have already received from overpayment amount to know what I'm still owed. Or is the overpayment what I'm still owed?
First, the changes on an amended tax return typically assume that any previous refund amount has been received. However, this should be checked by downloading the PDF by following these steps:
Navigate to Form 1040-X, Line 18, which is: Overpayment, if any, as shown on original return or as previously adjusted by the IRS.
Second, the IRS does not want taxpayers to amend their tax returns if the changes are related to tax law changes from the American Rescue Plan. The IRS will automatically recalculate these adjustments in many cases.
For more information, see: Do I need to amend?