Thanks to a late arriving reporting statement with additional income I need to amend my 2022 return which was filed the day before I received the tardy statement. The additional income generates an additional tax owed on line 20 of form 1040-X. This amount is less than the excess tax that was reported on the original return (line 34). I applied the entire amount to my 2023 estimated tax (line 36). Rather than writing a check to the IRS for the additional taxes as directed by TurboTax it seems to me that there should be a way to simply reduce the amount I had applied as a payment for estimated 2023 taxes by the additional taxes resulting from the inclusion of the income in the late arriving reporting statement. Is this possible?
It is not possible. Your original return has already been accepted, so the amount you applied to your 2023 taxes cannot be changed. You will have to pay what you owe with the amended return.
Need your help. I filed on 2-28-2022; but never got any acceptance from IRS. There is a mistake on on IRA distribution that First Foundation Bank filed,; but wrong. Never went through the proper paper work. I think I have to amend last year with Form 8606. I am just lost
No, you can't amend if your return if it was not accepted by the IRS.
If your 2021 return was not accepted, and you didn't print it and mail it in, it is not yet filed.
The good news is you can fix your return before your send it. The bad news is you can't e-file it at this point.
If you used TurboTax Desktop (from a disc or download), you can simply open the 2021 program, select Fix my return, make the changes you need to make, then print, sign and mail it in in.
If you used TurboTax online: