How will my $10,200 unemployment exclusion from my insurance be handled, since I already filed my taxes?

[d445g]

I filed my taxes before ARP was passed, and authorized the IRS to withdraw my balance due from my bank on 4/15.  Now that my balance due will be reduced and the payment deadline changed to May 17:

1) How do I change the dates the IRS takes the money from my bank?

2) Will Turbotax/IRS automatically fix this calculation (lowering my income by excluding the unemployment, resulting in lower balance owed)?  Or will I have to endure paying more, then waiting for the excess tax to be refunded?  Obviously, I'd prefer to have the amount fixed, versus waiting to be paid back money I no longer owe.

[Bsch4477]

1.  See discussion on changing debit date. 
https://ttlc.intuit.com/community/tax-topics/help/how-do-i-change-my-payment-date/00/1331857/amp

2.  We are waiting for instructions from the IRS about handling the unemployment payments deduction.  The IRS has asked not to amend at this time. 

[macuser_22]

The IRS commissioner testified before Congress last Thursday that for taxpayers that have filed - should  not amend.  The IRS will add the credit themselves "in-house" and adjust the tax or refund accordingly. 

(Since the IRS has a huge backlog, and amended returns are taking more than 6 months to process, they do not want more amended returns to add to the pile.)

[MHallock]

Why isn't Intuit or TurboTax communicating more clearly on when the fix will be complete? It appears their spokespeople have led us to believe the fix would be ready by last week. This is very frustrating. 

[macuser_22]

It was in the online version last week.  Should be a desktop update on 3/25.

[Bsch4477]

From the IRS today:

If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.

[d445g]

The "harder" parts of my question haven't been addressed yet.

I know I don't need to amend or refile.  The taxable unemployment compensation will be automatically recalculated, and my balance due adjusted.

However, optimally, I'd like to change my payment date from 4/15 to 5/17, and pay the reduced amount that will be due.  Scenarios I see are:

• Again, optimum is I pay 5/17, and pay the now-correct lower amount
• Second-best would be I can change the amount I pay, keeping the 4/15 date in place
• Worst-case would be 4/15 payment date, overpay because I can't make a change, and then the IRS has $2k of my money that they'd not have, had I waited longer to file or had the law not been changed retroactively, and the overpayment comes to me weeks or months later as a refund

I realize that this is now in the hands of the IRS and TurboTax can't help me directly.  But hoping the IRS allows the relatively small number of people in my situation to change their payment date and amount.

[macuser_22]

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@d445g wrote:

The "harder" parts of my question haven't been addressed yet.

I know I don't need to amend or refile.  The taxable unemployment compensation will be automatically recalculated, and my balance due adjusted.

However, optimally, I'd like to change my payment date from 4/15 to 5/17, and pay the reduced amount that will be due.  Scenarios I see are:

• Again, optimum is I pay 5/17, and pay the now-correct lower amount
• Second-best would be I can change the amount I pay, keeping the 4/15 date in place
• Worst-case would be 4/15 payment date, overpay because I can't make a change, and then the IRS has $2k of my money that they'd not have, had I waited longer to file or had the law not been changed retroactively, and the overpayment comes to me weeks or months later as a refund

I realize that this is now in the hands of the IRS and TurboTax can't help me directly.  But hoping the IRS allows the relatively small number of people in my situation to change their payment date and amount.

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I know of  no way to change anything after the return has been accepted by the IRS.  

[Bsch4477 · Accepted solution]

Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment. 

[d445g]

@Bsch4477  Yes, the [phone number removed] worked great.  It was midday on a Saturday and I easily got a live person and successfully canceled my payment.  Now for the next part.  How do I find what I really owe, so I may schedule the correct payment?  I logged into the IRS site and went to https://sa.www4.irs.gov/ola/account_balance and my 2020 balance due is not there, even though my return was accepted more than three weeks ago.  It just says "Your Information Is Not Available at This Time - If you requested an adjustment to your account your information will not be available until that transaction is complete."

I know how much unemployment to exclude, and my tax bracket, so I know how much the tax bill will be reduced.  But I'd rather pay exactly what the IRS says I owe, than being "off" by $1-2.

[Bsch4477]

The IRS has asked that those who have already filed wait for instructions from the IRS before amending.  The IRS indicated last week that it might correct the returns so that amending would not be necessary but then deleted that statement the next day so we are all waiting for further clarification. 

[Jm2192]

do you know if it will go on my turbo tax card like my taxes or will it come through the mail ? 

[ThomasM125]

Your refund due to the change in law regarding unemployment income will most likely be paid to you the same way your original refund was paid.