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Federal tax due

I completed my taxes and submitted, having the amount due pulled from my bank account on the 13th. I went back in a few days later and it ran updates and told me the amount owed was around $1,300 less than originally calculated. It stated that the return was already filed and the amount that would be pulled from my account would be the new amount. The 13th came and they withdrew the original amount from my account, why did this happen, and will that be refunded to me?

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1 Reply
DanaB27
Employee Tax Expert

Federal tax due

If you had unemployment on your return then the IRS will make the adjustment automatically. Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for details.

 

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.

 

 

If you didn't have unemployment on your return then you will have to have to file an amended return (1040X). Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.

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