@NCperson and Team;
In TurboTax Premier 2020 "Federal Review" section, it shows how much money people suppose getting from Economic Impact Payments (EIP). According to our filling status, Married filing jointly with no dependence children, the number displayed there are $2400 for EIP One and $1200 for EIP Two. Because I could not find $2400 EIP one transaction from my bank statement and accidently treated my 2019 tax refunds $1415 transactions as my EIP one, I answered TurboTax "Did you received Economic Impact Payments as listed above" question as "No", and provided EIP information as below that time.
Economic Impact Payment One: $1415
Economic Impact Payment Two: $1200
And my 2020 tax refund increased $985 (2400-1415=985) from original $816 to $1801 (816+985=1801) after I made above inputs. Then I sent my tax return to IRS.
Later I found I did receive $2400 in EIP one. My question to you is how I can fix the problem.
Here is what I tried.
1. Verified the problem mentioned above in TurboTax
I loaded my original 2020 tax return file in TurboTax and did the following test.
a. Answering TurboTax "Did you received Economic Impact Payments as listed above" question as "Yes".
My 2020 tax refund stays as $816. This is correct.
b. Answering TurboTax "Did you received Economic Impact Payments as listed above" question as "No".
And input the followings.
Economic Impact Payment One: $2400
Economic Impact Payment Two: $1200
My 2020 tax refund stays as $816. This is correct.
c. Answering TurboTax "Did you received Economic Impact Payments as listed above" question as "No".
And input the followings.
Economic Impact Payment One: $0
Economic Impact Payment Two: $1200
My 2020 tax refund increased $2400 (2400-0=2400) from original $816 to $3216 (816+2400=3216). This is correct.
2. Amend my 2020 tax return
Even I knew the source of the problem is in Economic Impact Payment One received, but I can not change my tax return and send it to IRS because IRS already accepted my tax return.
So I tried to amend my tax return based on the instruction provided by TurboTax. Here are steps I followed.
a. Save my original TurboTax "tax return" file as "amended tax return" file.
b. Click "Amend a Filled Return" button then open the "amended tax return" file created in previous steps. My federal refunds was set to zero by TurboTax immediately.
c. TurboTax asks "What do you need to change on your return?" and gives a list of changes people can select from such as W-2 et cetera.
But it does not include change people can make on Economic Impact Payments received so I skipped the section.
d. I also skip section "Special Situations on Your Amended Return".
e. I added brief description of why I need to change my original return in section "Why did you need to amend your return?".
f. Print 1040-X for amend tax return purpose
g. In "Your Amended Return Summary" section, TurboTax says "We don't detect any differences between your original 2020 return and your amended return. If you're sure
you need to amend, explain why below". I added brief description of why I need to change my original return here again.
h. "Federal Refund" stays as zero before I click "Exit TurboTax".
Questions: My Federal Refund should be $816 instead of zero. should I go ahead send 1040-X to IRS? If not, what should I do?
Thank you
