Question

Amending my 2020 Tax Return, but TurboTax is Giving a Federal Refund Before I Amend Anything

Forum|Forum|5 years ago
March 26, 2021
1 reply
0 views

New to the forum, and desperate for help. My 2020 Federal and NYS Returns were accepted. Now I just received a new K-1 (Form 1065) which add $823 of income. So when I open my TurboTax (Home & Business) file and select "Amend", it starts out with approx a $536 refund, before I change a thing.

I continued with the amending anyway, but even at the final stage, when I preview my 1040X, I'm getting a refund. The 1040X Form seems to show a reduction in my Adjusted Gross Income.

Does anyone know what is going on?

TurboTax Home & Biz Windows

J

JoefromBKAuthor

Correction - I'm going line-by-line on the pdf of the return, and it seems like the "Total Tax" went down and "Total Payments/Credits" went up, thereby giving me a refund without even changing a thing. I'm baffled and a bit concerned. Any thoughts would be appreciated.

I

Irene2805

Without seeing the return and K-1 it's hard to speak to the calculations.

If you or your spouse had any unemployment income, that would not be taxable now. Perhaps there was a penalty on a retirement distribution that no longer applies. There may be other things that would affect your return because of the American Rescue Plan (ARP). Please see this TurboTax article for guidance: How will the third stimulus impact me?

For further guidance please see these TurboTax Help articles:

fanfare

Employee

Always start with a hard copy of your original return before you try to amend. That's the only way to know whether Form 1040X is filled out correctly.