Should I file an amended return?

Forum|Forum|5 years ago
April 12, 2021
3 replies
8 views

I'm so confused right now.

I finished my taxes with TurboTax, filed, and received my refund about 2 days ago. I had to look a little something up in TurboTax, so I reopened the program, changed absolutely nothing, and my little "refund monitor" had changed, saying that I was owed an additional refund.

Great! I'm all for it! First of all, why did TurboTax miss this in the first place? Secondly, how should I file the amendment, when I didn't actually change anything (at least to my knowledge...maybe an update or something changed something for me)?

Anyway, it's a significant amount of money, so I'd hate to see it go! What are the steps I need to take? Seems like TurboTax is saying I'm only owed more Federal Money, and not State Money. When I click the "Amend a return button" the Federal Refund ticker is solidly in the positive, while the state return ticker is at $0.

VolvoGirl

Level 15

Did you enter any unemployment? There have been major IRS changes for that. If it is unemployment the IRS will automatically adjust your return. So you do not need to amend. The state returns might not be ready yet.

If you have unemployment you can exclude up to 10,200 if your income is under $150,000. The exclusion will be on Schedule 1 Line 8 as a negative number. Your unemployment compensation will be on Line 7 of Schedule 1. The result flows to Form 1040 Line 8.

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend. The IRS will be adjusting it for you. See,

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

RadioactrevAuthor

Level 2

That sounds likely! We did have unemployment entered on our taxes. I'll read into your link a bit more and see if I can follow what's going on. But more than likely, I don't need to amend. Thanks so much for your help!

I take it I will just see that extra $ deposited at some random point in the future then?