Unemployment refund is off lower by 947 dollars

[Bsch4477]

We can’t see your return. Contact the IRS if you have questions. 

[xmasbaby0]

Could you please provide some details?   No one can see your tax return or your account.  We have no context for what you are saying.   When did you prepare and file your tax return----before or after the tax law regarding unemployment changed?   Why do you say your refund is "off?"    

The IRS will send your original refund amount.    And sometime during the summer, there will be an extra refund sent to you if you are eligible for it.   They are recalculating refunds for people who prepared/filed before the tax law change went into effect.   That "extra" refund is a separate payment which is being sent out in batches during the summer.

[josef15111]

Guys so sorry for the horrible info let me update.  Ok so I had unemployment on my taxes and I was eligible for some more refund money from the 10200.00. Well when I log into turbo tax download my documents it's telling me a number that is higher then what the irs trans is telling I get back. It is off by 947 dollars.  The turbotax is higher.  Well I was lucky and have the first set of documents when I first filled in March and what I'm seeing diffrent is that my new documents have the additional child tax credit along with more earned income tax credit.  So my real question is... do I have to amend my taxes to get the extra money that would be the additional child tax?  It was not on my first set in March but it is now.  

[xmasbaby0]

NO do not amend.    The IRS does not want amended returns for the unemployment tax law change.  As stated already----the IRS is issuing extra refunds for this.   You just have to wait for the refund.

And the new enhanced child tax credit is NOT for your 2020 tax return, so there is no reason to amend your return for the CTC.  That credit is for 2021.   

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

That CTC increase is not for 2020;  it is for 2021.   Your 2020 return does not have to be amended for it.  More information will be available soon; the details of how it will be implemented have not yet been clarified fully.  

There will be monthly child tax credit payments going out beginning in July 2021, with some of the CTC still left as a refundable credit on your 2021 tax return next year.

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859...

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

https://www.irs.gov/newsroom/irs-announces-two-new-online-tools-to-help-families-manage-child-tax-cr...

IRS.gov/childtaxcredit2021, 

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

https://www.kiplinger.com/taxes/602921/child-tax-credit-update-irs-sending-letters-to-families-who-m...

https://www.kiplinger.com/taxes/602431/child-tax-credit-2021-who-gets-3600-will-i-get-monthly-paymen...

[josef15111]

I dont think your getting what I'm saying.  Ctc and actc are diffrent.  I'm asking about my actc I'm decently up to date on everything irs but this baffles me.  Let me try again.  I have my new refund coming the 14th. It is for the reworked number but its only got earned income tax credit.  It is not including the actc that my taxes are now allowed for. When I filled in March it was before the new law my taxes did not include the actc.  Now they do. But they are not included in my NEW refund. So do I need to amend to take this new credit as it was not previously on my taxes. Just like if you did not have earned income tax you have to amend....  sorry if it's confusing.   Thanks for the help

[Critter-3]

Ok ... when the IRS recalculates the return and removes the unemployment that is to be excluded it should  automatically recalculate  the CTC & EIC on the return if they were on the original return.  

If for any reason they don't then you can amend the return for the missing amount but make very sure this check being sent now is not for just the original refund as they have been sending these in separate payments.  

[xmasbaby0]

You have PLENTY of time to amend if you truly need to, but amending now could just cause more confusion for you and the IRS.   Wait out the recalculation and the extra refund that the IRS will send you in the next several months.   It takes at least six months for the IRS to process an amended return----your issue will likely be resolved a lot quicker by letting the IRS handle it and waiting patiently for part of the summer.

[josef15111]

I have received my original I was a lucky one that only took 2 weeks.  This one now is my reworked refund.  I've went through numbers and it seems that it is right on what is missing.  I just didn't know if the additional child tax credit would have to be amended to receive it.

[josef15111]

No offense but are you reading my post? Lol I understand what your saying but I got my original in March. And I'm getting the reworked one this week. So there already done reworked and sent. I'm only trying to figure out if I need to amend them to get the ACTC since I was not eligible on my March return.  But I am now eligible for it.  So I would think it applies like if I didn't have the earned income tax credit but now I do I would need to amend.  I am just guessing but if we don't already have the tax then amend is needed to add to our file. Since it was not there they couldn't automatically refugee and include?

[Critter-3]

The CTC & ACTC are not separate things ... the ACTC is a by product of the unused portion of the CTC and computed automatically by the TT program and the IRS so if the income changes the entire return is recalculated  from that point on ... it is like a river where everything flows downstream.  It is highly unlikely that the IRS would get this incorrect since the one is really a part of the other and  the computers rarely make these kind of "math"  errors but it is not impossible especially this year. 

If you use the TT amendment program to recalculate the return for yourself you should get the same end result as the IRS does ... if you don't then mailing in an amended return is the course of action you need to take  HOWEVER the column A of the amended return must start with the changed one the IRS did for you which may not be easy if you say they missed the ACTC ... if this is the case you will need to use the downloaded amended program option and make the changes in the FORMS mode. 

[josef15111]

Thanks for the helpful replies!!  So I'm on turbotax and doing my amend to see what it says. I'm short the 947 to the mark.  Its now allowing me the actc. So I was also reading  on irs site and it is stating to amend if the credits are not already on there not just EITC but all credits.  I looked and looked and found that turbo tax also shows to amend if your now eligible for the ACTC  So I'm thinking amend now.  I do wanna know should I wait until payment is in my bank in 2 days or go ahead and do now as my 846 code is set in my account for the 14th of payment?

[Critter-3]

Since you have 3 years to amend I would wait for the deposit to be in the bank before sending off the amended return AND  you must get column A to reflect the IRS changes which you may not be able to do in the ONLINE amendment program ... like I said you may need to use the downloaded option   OR  make the changes by hand on the 1040X  and mail in the amended return. 

[josef15111]

Sorry never done columnA what is this. Is this where they ask why are you amending?

[josef15111]

It's saying I'm also good to go to efile my amended return?