The main thing is that the IRS is going to recalculate everything for you automatically. It may cause a delay in processing any refund. Any additional amounts you are entitled to will be refunded to the last known bank account on file or mailed to the last known address on file.
- Please check our E-File Status Lookup Tool or check IRS: Where's my refund? for updates. Always use only TurboTax, the IRS, or your state website to check on your status.
- For your state filing status: State Return Refund Tracking.
To answer your questions:
- The first $10,200 of unemployment compensation is tax free. There will be tax owed on $2,400. The tax paid of $1,600 will count toward taxes paid. If your tax bill is less than $1,600, the difference will be refunded.
- The $100 of taxes taken out for $9,920 of income could be below what taxes will be charged. TurboTax would automatically calculate this for you.
- For your three children that live with you, this may increase your refund depending if they are qualifying children. File as Head of Household if you are not married and provided more than 50% of the children's support.
- Do I qualify for Head of Household in 2020?
- 2020 Child Tax Credit Calculator and Top 7 Requirements - TurboTax Tax Tips & Videos
- You did have the option to use 2019 details in order to claim larger credits. For more information, see: New option for claiming the Earned Income Tax Credit and Additional Child Tax Credit | Internal Reve...
- If this would increase your credit and was not done, you may want to file an amended return. For more information, see: How do I amend my 2020 TurboTax Online return?
