Solved

Turbotax is changing tax amt

Forum|Forum|5 years ago
April 15, 2021
1 reply
0 views

I have completed and filed and received my fed refund. I open my return to confirm my state refund and now my Fed refund is different. Was there a tax change? Since Turbo tax is now saying more than I received do I have to file an amended return and if so, what is my reason? The amt was $1600 which seems an interesting even amt.

Best answer by HelenC12

We don't have access to your tax return so we can't tell you why your filed return was recalculated and now you're getting $1,600 more. Print out your revised tax return and compare it to your filed tax return to see what has changed.

Perhaps it's additional stimulus monies or you qualify for Advance Premium Tax Credit relief if you have a MarketPlace health insurance plan. If this is the case,

Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return.

The Plan also relieves eligible taxpayers of having to pay back any excess advance premium tax credit they took. If you used any credit to lower your monthly health insurance payment when you applied for coverage in the Health Insurance Marketplace®, you might not have to pay it back under the new law.
When you enter your 1095-A in TurboTax, we’ll determine your eligibility whether or not you have to pay back any amount.
Check out the latest release from the IRS about the Advance Premium Tax Credit.

D

DanaB27

Did you have unemployment on your tax return?

Yes, there was a law change about unemployment income. If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.

No, you do not need to amend your return unless the calculations make you newly eligible for additional federal credits and deductions not already included on the original tax return. Otherwise, the IRS will make adjustments automatically. Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for details.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

W

wcaudill5331Author

Thankyou for your response but I did not have any unemployment on my tax return. I understand about it though as my 2 daughters (that I also did using TurboTax) that did and could receive the additional money in May.

H

HelenC12Answer

We don't have access to your tax return so we can't tell you why your filed return was recalculated and now you're getting $1,600 more. Print out your revised tax return and compare it to your filed tax return to see what has changed.

Perhaps it's additional stimulus monies or you qualify for Advance Premium Tax Credit relief if you have a MarketPlace health insurance plan. If this is the case,

Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return.

The Plan also relieves eligible taxpayers of having to pay back any excess advance premium tax credit they took. If you used any credit to lower your monthly health insurance payment when you applied for coverage in the Health Insurance Marketplace®, you might not have to pay it back under the new law.
When you enter your 1095-A in TurboTax, we’ll determine your eligibility whether or not you have to pay back any amount.
Check out the latest release from the IRS about the Advance Premium Tax Credit.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"