Is my amended refund amount on turbo tax accurate?

 

After you file

TurboTax guarantees that the software is accurate, as long as the user puts in all of the right data.

After you file

TurboTax Online 2020 is seriously flawed (see other posts on the forum about this).

It won't let you change/correct 1040-X line 18.

So if IRS adjusted your refund, then the refund shown on 1040-X is not accurate.

 

To get a completely correct Form 1040-X you'd have to fill out the form manually and file on paper.

you can get 1040-X in pdf-fillable format from IRS.gov.

 

From this you can see that  the TurboTax guarantee means nothing.

After you file

The amended return and program works correctly if you complete it correctly. If the IRS change the return then you must change the return so it matches with the IRS did before you start the amendment process. Only when your return looks like the corrected return as done by the IRS should you start the amendment process. If the IRS Added interest for the processing delay then that is not included on the 1040 X line 18. Column a of the form 1040x must begin with the IRS corrected figures. Unfortunately due to the changes the IRS is making automatically it may be impossible for you to amend the return without using the downloaded program or filling it in manually. 

After you file

"If the IRS change the return then you must change the return so it matches with the IRS did before you start the amendment process."

This is just not possible if the IRS gave you UE credit but not other credits you are now entitled to, yet those credits are put on your 1040 automatically by Turbotax.

Unless you do an override.

TurboTax Online won't let you override.

Nor is it certain cd/download will even let you e-File 1040-X if you override 1040, since you are now putting yourself in "must mail" mode.

It is a Catch-22 but still you should be able to update line 18 to show as adjusted.

After you file

yes you do have to drop out interest or penalties from your amount owed(and adjust refund) using form 1040-X

But what if TurboTax computed a penalty originally?

Same issue.

After you file

Of course if line 18 is wrong on the amended return the IRS will fix it for you automatically when they eventually process the return. 

After you file

Thank you.    I amended my return because I filed my taxes early (which I’ll never do again) and before the stimulus bill was implemented.   I got a refund back , $3790, but no additional tax credits had been factored in (earned income, first 10k of unemployment, Child tax credit).    So I amended the return to take advantage of those extra credits I was eligible for.   Turbo tax “checked and cleared” my info and adjustments to the numbers and I finally submitted the amended return with an additional $4300 on top of the original tax return.    The TT submitted documents state the corrected refund is a total of $8,xxx.    Just want to see if that is in fact correct.   The irs site says my amended return was completed 8/20 but still haven’t received the letter  they said I would get or a check.   No clue what’s going on.    

After you file

All you can do is wait for the Understaffed and overworked IRS finally gets around to your amended return. Be aware this could take six months for much much longer to process.

After you file

You got the first original refund of 3790?   Then the amended  return only supposed to be the 4300 difference?   Not the full 8k, right?  By the way, you are not suppose to amend until you get the first refund.

The amended return is only for the difference you get back or owe.  I think the cover sheet shows what the original return WOULD have been if you did it right the first time.

 

Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 should be your additional refund.  If you paid on your original return it will be on line 16.  If there is an amount owed with the amendment, it will be on line 20.

View solution in original post

After you file

Understood.    Thank you 

After you file

Wow thank you. And yes it’s exactly like you said.   Line 18 shows 3780, line 20 is blank , line 22 says 4893. 

After you file

Good question? My Turbotax doesn't even show my amended amount? You had answered one of my questions regarding receiving a plus up payment for taxes I paid on my federal unemployment and yes I do qualify? Still waiting it's now Sep. 11th! Frustrating to say the least! Good luck!!

After you file

Hi. So I'm confused regarding the IRS stating that we don't have to file an amended return for unemployment however I did yesterday via turbotax and was notified the IRS accepted it? So I'd file an amended return If I was you! I read go to tax home on Turbotax and click on add another state even though you're not and it walked me through the process! Good luck!! 

After you file

I did it correctly the first time? It doesn't show correct amount until you click on add another state even if you're not! That shows the correct amount and walks you through the process of getting what you're owed due to new legislation! I filed an amendment even though IRS states not to and I was notified the IRS accepted it and I'm getting back taxes I paid for unemployment!