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Level 1
posted May 6, 2021 5:24:39 AM

Filed electronically on Feb 12, 2021 and owed Fed Taxes. How can I estimate changes ?

Filed electronically on Feb 12, 2021 and owed Fed Taxes.  IF I re-open TT and hit amend,  does it correctly recalculate the amount owed or tax refund due based on the recalculations for the unemployment changes ?   

There is a swing of approx $1000 in my favor when I do this and I no longer owe back any money.    If this is the case I do not think I should pay the "improper" amount by 5/17/2021..

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1 Replies
Level 15
May 6, 2021 7:41:12 PM

See this from the IRS    https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

and this FAQ

https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732