Question

Unemployment Deduction applied After Filing Reduced tax due. When and what amout to send in.

Forum|Forum|5 years ago
April 6, 2021
1 reply
0 views

I filed my taxes early even though I owed in hopes that the forthcoming stimulus might get automatically deposited based on the automatic withdraw info I provided to pay the taxes. Now, based on the first $10,200 unemployment income being tax free, I still owe but owe less. Turbo Tax is now recalculating my taxes showing I owe less. My understanding is that I don't need to file an amended return but that the IRS will recalculate the new amount, which in theory, should match the new amount in Turbo Tax. I already canceled the previously set up automatic withdraw but know I need to pay by May 17th. I am wondering when the IRS is supposed to send me a notice that they recalculated my tax. Also, should I send a payment at the amount that Turbo Tax has recalculated even if I don't' get a letter by the beginning of May?

T

ThomasM125

It is hard to say when you will get a notice from the IRS regarding recalculation of your tax because of your unemployment benefits. It would be wise to pay in the corrected balance due in either case, however, as it may take time and effort to receive a repayment of over payed taxes.

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