I mistakenly did not select that my loan is secured by a property of mine. I amended the form and chose yes this time. I am suppose to receive an extra $1500 back from state taxes from choosing "YES" but the amended 1040x form does not show this amount anywhere. Anyone have any advice on what to do?
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If you completed Form 1040X following the steps provided in TurboTax, it will create an amended Federal return.
If the changes you made in the mortgage interest questionnaire increased your deductible interest but only affected your state return, for example, because your itemized deductions are below the standard deduction for the Federal return, you would only see a bottom-line difference on the state amended return.
TurboTax will prompt you for any additional info needed for the state return. Each state has its own procedures for amending the state return. See this help article for more information on amending a California state return.
Form 1040-X for the Federal return contains three columns:
The lower part of the form, starting with Line 16, reconciles the changes made and any additional payments made. If you owe an additional amount based on the changes, it will appear on Line 20 of Form 1040X. If you have overpaid your tax, based on the changes, the overpayment will appear on Line 21 of Form 1040X.
In Part III of Form 1040-X, you'll need to provide a clear explanation for your reasons for filing an amended return.
See this tax tips article for more information.
See this article and this one for more information on filing an amended return with TurboTax.
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