topic Changing my tax credit amount in Deductions & credits

Changing my tax credit amount

BAJJERFAN — Thu, 18 Mar 2021 01:33:48 GMT

Near the end of 2020 I made an extra payment of $1200 via IRS Direct Pay because I thought that I might owe extra tax.

The turbo tax is only showing credits issued via 1099s. How do I go about including this extra $1200 in my total credits before filing so that I get it refunded?

I went back over it but I can't find a place to include it.

I don't want to have to file an amended return in order to get it back.

Re: Changing my tax credit amount

Carl — Thu, 18 Mar 2021 01:42:19 GMT

Any tax payments to the IRS that were made by you pesonally, are entered under the deductions and credits tab in the Estimated Taxes section. Just work through that section and pay attention to detail so that you enter your payment as a *FEDERAL* tax payment, and not a state or other lower level tax payment.

Re: Changing my tax credit amount

BAJJERFAN — Thu, 18 Mar 2021 01:46:41 GMT

Thanks

Re: Changing my tax credit amount

Carl — Thu, 18 Mar 2021 01:48:31 GMT

Just remembered that the section you're looking for under Deductions & Credits is called "Estimates and other taxes paid".

Re: Changing my tax credit amount

BAJJERFAN — Thu, 18 Mar 2021 02:34:42 GMT

This is my first year using TurboTax and I see after going thru the documents that I missed something. At what point can I amend my return and can I do it using TurboTax or just file a 1040X

Thanks again.

Re: Changing my tax credit amount

VolvoGirl — Thu, 18 Mar 2021 02:37:34 GMT

You should wait and see if the IRS catches the missing 1200 and adds it in for you. You should not amend until the first return is fully processed and you get the first refund. Do you also need to amend for something else? The amended return won't be ready until March 25.

Re: Changing my tax credit amount

BAJJERFAN — Thu, 18 Mar 2021 03:20:49 GMT

As I indicated this my first time so there is a learning curve. I got the $1200 added ok but I somehow missed adding $2400 in pension income. It won't matter for the state however so it won't be worth the effort to amend there. I do note that there seems to be a difference between what TT determines for tax for a certain income and what the 2020 tax tables say for the same income. The difference is $334. The TT value is less.

One last question.

If a filer owes taxes is there a utility with TT that lets the filer pay when either a return or amended return is submitted?

Thanks so much for all of your assistance.

Re: Changing my tax credit amount

VolvoGirl — Thu, 18 Mar 2021 03:22:38 GMT

About the tax. It depends on what kind of income you have, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

You can probably tell because the tax on 1040 will be less than the Tax Table

https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752

Re: Changing my tax credit amount

BAJJERFAN — Thu, 18 Mar 2021 19:58:43 GMT

According to the Iowa dept of revenue site they now are allowing e-filing of amended returns. When I file my amended Federal return using TurboTax will I also be able to amend my state return at the same time since both were initially filed together?

Re: Changing my tax credit amount

DaveF1006 — Thu, 18 Mar 2021 20:27:44 GMT

Yes, you will be able to amend your federal return and state return the same time.