topic Re: Update return after submission in Education

Update return after submission

confusedrf — Wed, 17 Mar 2021 16:51:38 GMT

I see what I believe to be my refund in my account today but it's about $1000 less than was shown on my TT return. Would the irs reduce my refund and send it if they found something wrong? If I agree with whatever they say....I assume I will get a letter in the mail...can I go back into tt and amend my return. This never happened before.

Re: Update return after submission

xmasbaby0 — Wed, 17 Mar 2021 16:53:34 GMT

Did you enter ALL of the stimulus money that you had already received correctly in the recovery rebate credit section when you prepared your 2020 return? The IRS cross checks and if you did not enter all of the money you received, they recalculate your refund.

MY REFUND WAS LESS THAN I EXPECTED

There can be a number of reasons why your refund was less than the amount you expected. First of all, look carefully at your actual tax returns. There is sometimes confusion about the amount of refund to expect when users misinterpret the “summary” they saw in TurboTax. The amount of your refund is on your tax return. Federal refund is on line 34 on Form 1040 State tax forms are all different so we cannot tell you what line to look at on your state form. BUT it is important to actually LOOK at your tax return forms yourself and see the amounts of your tax refunds and/or tax due. A lot of confusion would be avoided by doing that.

TurboTax does not receive feedback from the IRS regarding money that was offset from your refund. If you owed back taxes, child support, student loan debt, etc. you will receive a letter of explanation from the IRS in several weeks. The WMR site will contain a message regarding your offset. It is also possible that the IRS caught a mistake you made and reduced your refund.

A possible reason for the reduction could be that the recovery rebate credit was completed incorrectly and you may have entered the amount of stimulus already received wrong, which could have reduced the refund you thought you were seeing.

It is also possible that your state reduced your refund for debts owed in your state—if the state reduced your state refund you will receive a letter from the state.

https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts

IRS Treasury Offset Program Call Center at 1-800-304-3107

Be aware also that your Federal refund and state refund do NOT come together. Federal and state tax returns are processed by two completely separate entities. There is no rule as to which one will come first,

Did you choose to have TT fees deducted from your Federal refund? (Remember that if you did that, you also agreed to an extra refund processing fee of $39.99)

How can I see my TurboTax fees?

https://ttlc.intuit.com/questions/2565973-how-do-i-review-my-fees-in-turbotax-online

https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts

https://ttlc.intuit.com/community/refunds/help/what-is-a-refund-offset/00/26301

Reduced Refund https://www.irs.gov/taxtopics/tc203

Re: Update return after submission

confusedrf — Thu, 18 Mar 2021 19:57:07 GMT

So I'm kind of feeling a bit of the fool. I believe what showed up in my account was the 2021 stimulus this week. I did not realize dependence also got $1,400. So it may have had nothing to do with my return.

Now I think a couple of you mentioned about entering the stimulus on my 20/20 return and I do believe TurboTax ask me if I got stimulus and showed me the amount. I'll have to check that. But my understanding was the stimulus wasn't taxable so why would that matter?

Also if some adjustment is indeed made at some point can I just simply open up TurboTax and adjust my return for the year for my own records?

bigger question at this point that was again I thought the stimulus did not impact your taxes.... I mean if they miss giving you it I could see you getting a bigger refund...?

Re: Update return after submission

VolvoGirl — Thu, 18 Mar 2021 20:01:33 GMT

Check your 1040 line 30. Did it give you the Stimulus again that you already got?

You need to enter it to see if you qualify for any more and so Turbo Tax doesn't give it to you again. The Stimulus Checks are really based on your 2020 return we are filing in 2021. So any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.

If you already got Stimulus payment it has no affect on your tax return.