Huge Increase to Refund Amount?

[theTSNOOPS]

Hello everyone,

I still haven't filed my return as I'm waiting for a tax form. However, when I first entered all my tax information I had a very different return amount than when I just checked. By a "very different" amount I mean by over $1,000 more than the last time I entered tax information. 

I'm lost and a little worried to officially file anything as this is just a drastic change in what I was originally supposed to get in my return. I've gone through and reviewed all the tax information and documents I have entered and everything appears to be valid and correct. Nothing should have changed in terms of what I've entered. 

The last time I checked on my return it was before the most recent stimulus that I did receive. Maybe that could have something to do with it? Any information or advice would be greatly appreciated. 

[VolvoGirl]

Do you have any unemployment?  There was an update that excludes the first 10,200 of unemployment.  

[theTSNOOPS]

Yes, I did collect unemployment which was what originally took such a huge chunk of my original return. Do you happen to have more information about the exclusion because I do believe that could be what this is. 

[VolvoGirl · Accepted solution]

How to claim the new unemployment benefits if you have not filed yet.
https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

[theTSNOOPS]

Thank you very much! Appreciate it greatly!

[VolvoGirl · Accepted solution]

Found a better IRS article

NEW IRS Unemployment exclusion
https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

[Deborahm414]

My return was filed already and when I logged into the TurboTax  software to get another printed copy the return the Refund amount changed to a higher dollar amount. The return was already filed and accepted by the IRS, how do I get the additional funds? Do I need to file an amended return? Unemployment was received and filed.

[VolvoGirl]

Did you enter any unemployment? There was a change for that.  Turbo Tax has been updated and will show you the new refund.  

You can exclude up to 10,200 of unemployment unless your income is over 150,000. The IRS will recalculate your return for the new unemployment exemption if you already filed.

If you have filed, the IRS will recalculate your return for the new unemployment exemption for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

[Annhatley1]

So if my refund amount changed because of unemployment was updated...Does that mean the IRS updated it and if so shouldn't I be getting my return?

[xmasbaby0]

@Annhatley1

 The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs