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Mike-1983
Level 1

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

My question doesn't seem to fit a particular category so I am starting here.  Last month, mid March, I sat down and completed my return.  Sat on it to think about it to make sure I did not forget anything.  At that time I had a tax bill of around $1,000.  I went in today, 4/4/21, Turbo Tax updated with the latest information and before I touched anything I now have a refund of $78!  Has anyone had this experience?  My previous entries are there, just seems odd for such a significant swing.

1 Best answer

Accepted Solutions
TaxTim1
Level 4

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

The likely explanation is that the updates excluded up to $10,200 of your wife's unemployment income from your taxable income. Check out the link below:

 

https://blog.turbotax.intuit.com/unemployment-benefits/.

 

Hope this helps.

View solution in original post

5 Replies
Critter-3
Level 15

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

Did you have unemployment or the repayment of the Premium Tax Credit on the original return ?   If so the updates for these things would have been automatically completed when you opened the return.  

Mike-1983
Level 1

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

My wife was unemployed for a time, and she received unemployment for that.  We had documented her benefits prior to the update.  We did receive the stimulus, but there has been no repayment.

TaxTim1
Level 4

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

The likely explanation is that the updates excluded up to $10,200 of your wife's unemployment income from your taxable income. Check out the link below:

 

https://blog.turbotax.intuit.com/unemployment-benefits/.

 

Hope this helps.

View solution in original post

NCperson
Level 15

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

@Mike-1983 - I think you got your answer, but I wanted to comment on one thing you mentioned.

 

on the stimulus, it doesn't have to be repaid.  In other words, Line 30 can not be negative. That is how the law was passed.  

Mike-1983
Level 1

Turbo Tax Update on 4/4 significantly changed my tax bill/refund.

Ahhhh!  Yes, that is what it must be!  Thank you for that information.  It is very much appreciated!

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