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dan53014
New Member

How do I get Turbo Tax to update my federal tax return with unemployment exemption amount?

I have already filed and received my originally expected return - just awaiting federal to adjust for the unemployment exemption and amend my return. How do I get an updated return out of Turbo Tax?
4 Replies
rjs
Level 15
Level 15

How do I get Turbo Tax to update my federal tax return with unemployment exemption amount?

You don't "get an updated return out of TurboTax." The IRS is going to recalculate your tax return and send you the additional refund. It might take several months to get it. You don't have to do anything to get it, and there is nothing you can do to get it sooner. TurboTax is not involved. For more information see the following IRS announcements and FAQ.


IRS to recalculate taxes on unemployment benefits; refunds to start in May


IRS begins correcting tax returns for unemployment compensation income exclusion


IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compe...


2020 Unemployment Compensation Exclusion FAQs

 

dan53014
New Member

How do I get Turbo Tax to update my federal tax return with unemployment exemption amount?

Thanks! I do understand that Turbo Tax has nothing to do with getting the refund processed. My question is around a corrected 1040 return. I need something that shows my correct income and tax. I’ve checked Turbo Tax and there is nothing updated. 

fanfare
Level 15

How do I get Turbo Tax to update my federal tax return with unemployment exemption amount?

There was at least on report on the forum that even though TurboTax was updated, TurboTax put your return back the way it was when you filed it.

(I don't have TurboTax 2020 so I can't confirm this. maybe you can.).

Critter-3
Level 15

How do I get Turbo Tax to update my federal tax return with unemployment exemption amount?

If you promise to save  a PDF of the return BEFORE you amend the return so you have the original AGI amount you will need to efile next year  then simply use the amendment process to complete the income section again.   If the program doesn't automatically update then delete the 1099-G  you already entered then enter it again to get the change to populate.    Then you must complete the REVIEW tab to see if there is anything else you need to address before getting a new PDF from the Print Center on the left side menu under TOOLS.

 

If you have already filled your taxes the first step is to wait and see if it is Accepted or Rejected. 

  • If it is Rejected you will be able to correct the rejection error and make the needed corrections and refile the return.  
  • If it is Accepted you will have to wait and file an amended tax return:
    • If you're getting a refund wait until the refund comes in.
    • If you owe money wait at least two weeks before filing the amended return.  (This is so that the IRS has time to process the original return.)

To amend a return 

Some quick ground rules:

  1. Be sure the original return was filed and accepted.
  2. DO NOT go back into the return or change anything before you start the amendment process.
  3. Gather everything you need before you start.
  4. Complete the entire amendment process before you log out.
  5. Starting with 2020 tax returns you can E-File a 1040-X amended tax return.  All prior years must be printed and mailed.

 You can correct a return that you've already filed and had accepted.  Select the year that applies and use this guide to proceed.

Select your tax year for amending instructions:

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