topic Re: Amend my return? in After you file

Amend my return?

MP45 — Fri, 09 Apr 2021 12:44:37 GMT

I filed my 2020 federal taxes on 3/28/21 owing $3,790 mainly due to my wife's unemployment benefits. My return was accepted and the funds removed from my account. I updated Turbo tax today and it now says I only owe $648 which appears due to the federal pandemic assistance unemployment amount reducing my tax liability. Do I need to file an amended return or will the IRS identify the overpayment and refund the balance between what I paid and what I actually should have paid?

Re: Amend my return?

DoninGA — Fri, 09 Apr 2021 12:58:10 GMT

The IRS will recalculate the taxes due based on the unemployment compensation exclusion, starting in May, and send you a refund, if eligible. There is no need to file an amended return for the exclusion.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

Re: Amend my return?

Critter-3 — Fri, 09 Apr 2021 13:01:39 GMT

You do have the option to only send in the new lower balance due if you have not yet paid. You now have until 5/17/21 to make the payment.

Re: Amend my return?

MP45 — Sat, 10 Apr 2021 13:51:04 GMT

Unfortunately, I already paid the entire original amount so interested to learn now if I will need to file an amended return or if the funds will be refunded. Thanks anyway!

Re: Amend my return?

Critter-3 — Sat, 10 Apr 2021 14:34:42 GMT

If you have already paid then the IRS will recalculate the return and send the excess payment back but this will probably not happen until sometime in May so be patient.