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kinnucanr
New Member

TurboTax said I owed taxes, but I got a state & federal refund that was much larger than what I supposedly owed. Do I need to/should I refile?

I was told by TurboTax that I owed about $500 on my 2023 Federal return, and about $20 on my State return. But then I received a check from the treasury for about $2,000 and from MN state for about $200. I'm wondering if I should refile, or if I can/should simply state on my 2024 taxes that I both owed/paid additional taxes and received a refund this year.
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3 Replies

TurboTax said I owed taxes, but I got a state & federal refund that was much larger than what I supposedly owed. Do I need to/should I refile?

You will receive letters from the IRS and state that explain what they changed that resulted in those refunds.   One guess-----did you forget to enter some estimated payments you had made during the year?  

 

As for 2024---you do not ever enter that you paid federal tax due on the next year's return since it is not deductible.   Nor do you enter that you received a federal refund when you file the next year's federal return.   If you itemized deductions for 2023, then you will need to enter the state refund you received as income when you prepare 2024.  Otherwise, there is nothing to enter on your 2024 federal return about the corrections that were made to your 2023 return.

 

 

There are just a few states for which you might need to enter the federal refund you received:

Alabama, Iowa. Missouri, Montana, and Oregon.  

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
kinnucanr
New Member

TurboTax said I owed taxes, but I got a state & federal refund that was much larger than what I supposedly owed. Do I need to/should I refile?

Ah, apologies, I should have worded my original question a bit better. What I meant was, when I filed my taxes this year in 2024, Turbotax said I owed taxes at both the state and federal level, but then not long afterwards I got a refund from both the state and federal treasuries. No changes were made to my 2023 return resulting in a refund as far as I'm aware. With that in mind, does that change anything?

TurboTax said I owed taxes, but I got a state & federal refund that was much larger than what I supposedly owed. Do I need to/should I refile?

We would have no idea.  Did you pay the tax due?  The IRS and state should be sending you letters saying what they changed on your return.  As the other answer said did you forget to enter any estimated payments you made?   Or did you send in an estimated payment for next year and used the wrong payment slip?  

 

All I can think to do is compare your returns with last year and see if you missed entering something or entered a wrong amount.    Did you enter the right withholding from your W2 box 2 or any 1099 forms?  Check your 1040 line 25.   Maybe you entered an amount wrong especially for withholding.  

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