topic Filed Taxes in Get your taxes done using TurboTax

Filed Taxes

Schwarz3rus — Wed, 31 Mar 2021 21:25:45 GMT

I've already filed my taxes and owed money to the Federal Government. I just updated my program and now it says I'm eligible for a refund. I did collect unemployment last year for 2 months but still had an AGI over $150,000. The update seems to have taken away my Unemployment of $8085 which now puts me below $150,000. I've noticed my stimulus credit has increased as well from when I filed, so I guess my question is. Do I need to file again to get the refund or do I just go with the first filing?

Re: Filed Taxes

LinaJ2020 — Wed, 31 Mar 2021 21:43:31 GMT

No, you do not need to file or amend unless the calculations make you newly eligible for additional federal credits and deductions not already included on the original tax return.

For details, read here: IRS update on unemployment compensation

Re: Filed Taxes

Schwarz3rus — Fri, 02 Apr 2021 02:02:46 GMT

So when I did my taxes last month it shows I owe $1587 to the Federal Government. Should I still send my payment in by May 17th? I basically have done a $2200 swing in my favor now since the update to Unemployment Income. I just confused on how to handle this.

Re: Filed Taxes

ThomasM125 — Fri, 02 Apr 2021 20:12:34 GMT

@Schwarz3rus The IRS has not issued guidance on your situation. You have more than a month before your tax payment is due, so you should definitely wait to see if you receive a refund or notice from the IRS.

If May 17 comes along and you haven't received anything from the IRS, you could pay the tax in to be safe, but the penalty for late payment of tax is only $0.5% of the amount due per month, so even if you did get penalized for late payment of tax, it probably wouldn't amount to much.