I just received a second 1098 from my lender as I refinanced my home and my returns that I filed February 1st have not yet been accepted by the IRS or my state.
After entering the new information my state refund would be $775 instead of owing about $100. Can I retrieve the returns and resubmit? or, Do I need to wait until after the returns have been processed?
Thanks
To amend your return, wait to see if your return has been accepted or rejected by the IRS or state. If rejected, you can correct and re-send your return. If accepted you should wait until your return has been processed and you receive your refund or confirmation that any tax due has been paid. If you file an amended return while your first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time. In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment. Amended returns can only be mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
This Turbo Tax FAQ will show you how to amend your return. How to amend (change or correct) a return you already filed.