I submitted my 2020 return prior to the $10, 200 allowance being approved. I think I may still owe after IRS amends my 2020 return. How will I be informed, or should I make a partial pmt by the 17th? I don't want to do the wrong thing but also don't want a tax penalty or interest. Any help would be huge as I am definitely on uncharted waters.
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If you don't send in payment for amount you owe, after adjusting for the new tax law, by May 17th, you will be late.
IRS has already said Joint Returns will be adjusted after Tax Day.
Is there a way to determine the next tax liability amount w/o having to amend my current return? Turbo still shows the full amount on my profile screen so not sure how to determine on my own. Advice?
Is there a chance I will hear from the IRS or from Turbo Tax by May 17th?
If you are using TurboTax Online, you shouldn't fiddle with it.
If you are using TurboTax cd/download program, you can do any number of tax returns to evaluate different scenarios.
Yep we just used the online as it was for my daughter. Used every year but 2020 is like no other. I am thinking I may have to have her make a pmt of sorts by May 17th and wait for response
If you have filed. The IRS will recalculate your return for the new unemployment exemption for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...
You can log back into your return and it should automatically update your return and show you the new refund. But the updated return won't be sent. The IRS will adjust it for you.
Thanks so much. Still confused as I logged back in to Turbo and still shows the amount she owes. Do you know when Turbo Tax will update, or am I doing something wrong? We think even after the IRS adjusts that she may still owe which is why I think she needs to send in a pmt. All help/advice is much appreciated
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