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I filed before the unemployment change. Waited for irs to correct it. But the amount they sent me for the correction is way lower than I calculated on turbotax.
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Sometime in the next 30 days you will receive a letter from the IRS explaining how they calculated the refund. Wait until you have all of the information before deciding if you need to file an amendment.
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I pulled my transcript up on IRS, it doesn't make sense. When I checked on turbo tax what the numbers were (redid my taxes with the changed unemployment amount) it was around 1500. The irs issued me $66 for the unemployment difference
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Most taxpayers are receiving between 1,000 and 1,500 for the unemployment, so your TurboTax number sounds correct. However, the IRS letter may have a reason for the low amount. You can also contact the IRS and ask about this.
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The IRS is processing the original return first and sending out the original refund + interest for the delay and then your return goes to the extra long line for unemployment exclusion processing so do NOT complete an amended return for the unemployment exclusion ... just wait for the next check.
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I filed before the unemployment change, as well. I haven't received any corrections from the IRS. Should I amended my taxes?
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Once again ... DO NOT AMEND for the unemployment change ... the IRS will eventually get to your return IF you do get more of a refund from the change ... not everyone will.
You will get a federal income tax refund for the unemployment exclusion if all of the following are true.
- You reported unemployment benefits as income on your 2020 tax return, on Schedule 1 line 7.
- You did not get the unemployment exclusion on the 2020 tax return that you filed. The unemployment exclusion would appear as a negative amount on Schedule 1 line 8, with the abbreviation UCE on the dotted line to the left of the amount.
- Your tax on Form 1040 line 16 is not zero.
- Your Adjusted Gross Income (AGI), not including unemployment, is less than $150,000. In other words, Form 1040 line 11 minus Schedule 1 line 7 is less than $150,000.
If all four of those conditions are true, The IRS will recalculate your tax return and send you the refund. It might be a couple of months before you get it. For more information see the following IRS announcements and FAQ.
IRS to recalculate taxes on unemployment benefits; refunds to start in May
IRS begins correcting tax returns for unemployment compensation income exclusion
IRS continues unemployment compensation adjustments, prepares another 1.5 million refunds
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I had the same issue and never received a letter from the IRS explaining what they did.