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If you had entered unemployment insurance benefits, then the amount showing for your refund may have changed due to TurboTax Online being updated to reflect the changes to how those benefits are taxed. The first $10.200 of unemployment benefits are now non-taxable, if your income (MFJ) is $150,000 or less, $75,000 if if filing single.
As of 6:52 pm Turbo Tax has not updated their program to reflect the new law change to unemployment first 10,000 not being taxable. However, H & R Block has updated their programs.
Assistance and guidance has been provided for you by clicking here. This will guide you through and explain how to file.
So if we are now due back more on our refunds for federal and state are we suppose to do anything or will the IRS automatically fix and send us the extra money we are suppose to get. We already did our taxes and got federal back but our state of Illinois has not direct deposited our refund yet.
@Sarjer8283 If you have already filed your 2020 Tax Return, 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. New Exclusion of up to $10,200 of Unemployment Compensation
Also, see this TurboTax FAQ, How will the third stimulus package affect my 2020...
My amount has not changed as of today,5/5/2021,I filed taxes feb 21,collected unemployment and turbo tax is telling me my account should be updated and if no change then it was calculated at time of filing
hows that when the act wasn’t even approved or signed???
Your refund amount will not include the adjustment, it will come separately.
...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.
@ciky1962 Mine is the same way but if u go to amend taxes follow the first few steps and it will tell you how much your federal taxes are and ask again if your sure you want to amend that is where i saw that my amount had changed by almost 3,000 then i just hit no i dont want to amend and exit
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