Amended Return is Completed - But confused by the IRS wording

Did you send in 2 Amended returns separately?   And did you wait until the first original return was fully processed and you got the first refund or paid a tax due?  You should have waited for the first amended return to finish before amending the second time.  

 

Or were both corrections on the same amended return?  The amended return will only be the difference you get back or need to pay. You can confirm this by printing your amendment and looking at the 1040X. Line 18 should be your original refund amount and line 21 should be your additional refund. If you paid on your original return it will be on line 16 (but don't include any penalty on 1040 line 38). If there is an amount owed with the amendment, it will be on line 20.

I sent only one amended return with both (two) corrections - one correction resulting in a $452 refund and the other correction resulting in a $661 refund, for a total refund of $1,113.

 

Line 18: $4,047

Line 21: $1,113

Line 16: 0

Line 20: 0

 

I received a refund check for $452 on 4/20/2024

I have yet to receive a refund check I was (still am) expecting for $661.

 

Is the $661 refund just delayed for some reason? How long should I expect to wait before I receive it?

 

Thank you very much for your help and expert advice!  I look forward to your answer to my question.

 

You should get it all in one payment.  Unless the IRS changed your return in which case they will mail you a letter.  What was the second correction for?  Maybe they disallowed it.   Only the IRS can tell you.  

The first correction in which I  received the $452 refund check shortly after my amended return was adjusted was for paying too much tax on interest income. The other correction which I have not received a refund of $661 yet is for not using $3k of my remaining capital loss carryover. 

 

I called the IRS after I received just $452 in the refund check and I got a callback from a West Virginia area code (which I was told by IRS when I left my callback number it would be from WV) - from an IRS rep located California. He was able to actually view my 1040X and understood that I had mistakenly turned-down or rejected using my capital loss carryover when I filed my original return using TurboTax Premier, and that I wanted that mistake corrected with the amended return  along with the interest correction. He wrote a lengthy explanation that was to be attached (electronically) to my 1040X explaining the situation to whoever might handle that portion of my amended return.  He told me that my two corrections would be handled by completely separate departments and that was likely why the two correction refunds were not totaled and refunded to me in one check.  But I'm wondering if maybe they are disallowing my capital loss carryover correction for some reason  (which BTW I have far more than $3k in capital loss carryover remaining). I remain confused by that strange 'past-tense' wording under the 'completed' designation. It makes me question what that even means  because I have (past-tense) received a refund, just not all the refund I'm due.   

 

If only the IRS can tell me what to expect pertaining to the $661 I'm due for the loss carryover correction, how do I go about finding out about it? Just wait it out - and I either receive a refund check for $661 or I never do and the IRS just keeps money that is due me by means of my amended return?  I'd really like to know what to expect with respect to the $661 I'm due for the loss carryover correction, but I don't have a clue how to find out. I was hoping you might could enlighten me...      

Did you attach a Schedule D showing that your carried losses exceeded $3,000?

 

What was Line 7 on your originally filed Form 1040?

 

I'd be surprised  (as you are) if two different departments at IRS had to handle different "reason to amend" and they would be approved separately.

 

@Bob in Plano 

Line 7 was $5 which is for a fractional share.  

 

My letter to the IRS explaining my two corrections included the following information pertaining to the $661 for not applying my $3k loss carryover :

 

I have not received a refund for the other Capital Loss carryover correction, which is explained below:

When I was doing my 2023 Federal tax return using TurboTax I apparently made a mistake and incorrectly selected ‘No’ when asked if I wanted to use $3,000 of my remaining Capital Loss Carryover. My 1040X was intended to amend this Capital Loss Carryover omission along with adjusting the interest income correction.   

By not using the $3,000 maximum Capital Loss Carryover on my 2023 Federal tax return this resulted in me paying $661 too much in Federal tax - which is the reason for my amended 1040X tax return. I expect to receive a refund of $661 to correct this.    

At the time I was working on my 2023 Federal tax return I had $233,898 Capital Loss carryforward to tax year 2023 after filing my 2022 taxes.

By mistake, no Capital Loss Carryover was used for my 2023 Federal tax return which I want corrected/adjusted per my 1040X amended tax return.

The following is my Capital Loss Carryover amounts for the past few years:

2020: $242,910  ($239,898 to be the carryforward amount for 2021)
2021: $239,898  ($236,898 to be the carryforward amount for 2022)
2022: $236,898  ($233,898 to be the carryforward amount for 2023)
2023: $233,898 (After adjusting 2023 Form 1040-SR per 1040X amendment and refunding me $661, there will be $230,893 to be the carryforward amount for tax year 2024)

 

► The IRS rep that returned my phone call saw my previous years carryover amounts and agreed that I had $236,898 for 2023 of which I could use $3k.    

Please forward to me a refund check in the amount of $661 to adjust my 2023 Form 1040-SR.   

 

On my 1040X this is what was on the Schedule D PartII - Long-Term Capital Gains and Losses:

14 Long-term capital loss carryover: ( 233,898. )
15 Net long-term capital gain or (loss): (233,898. )

The above correction reflected a refund of $661 was/is due me when I was working on the 1040X.

If you mailed Form 1040-X and did not attach Schedule D you did not attach the required supporting document.

 

if you e-Filed Form 1040-X, TurboTax includes all forms and Schedules.

==

Regarding your original omission,
as far as I know, there is no user-selectable option to not apply a capital loss carryforward.

Your carryforward will not be depleted if your taxable income is zero; this is automatic.

 

@Bob in Plano 

According to the IRS rep  that called me back he saw on something on my account when he was studying my issue that I had plenty of carryover and acknowledged so. In fact he referenced that in his documentation as I recall. 

 

I guess I'm out of luck getting my $661 refund. As far as I know TurboTax still retains the Capital loss Carryover I have remaining - I'm guessing the last figure that does not have $3k deducted.   

  

So, what do I need to do now to correct this and use $3k or my loss carryover and get my $661 refund? 

When you get the IRS letter, you can respond in writing to dispute the IRS adjustment.

@Bob in Plano 

What causes you to think I'll get a letter from the IRS if my Amended Return is now shown to have been completed?   

As far as I know, IRS always responds to 1040-X with a Letter of Explanation.

 

@Bob in Plano 

How long after the amended return is completed does the explanation letter usually arrive?

"I'm guessing the last figure that does not have $3k deducted."

 

Review your revised 1040 and 1040-X, if it is not deducted, you filed an incorrect amended return, 

@Bob in Plano 

 

"I'm guessing"

Always retiew your tax return for correctness before submitting.

The following totally confuses me! 

 

For my 2022 tax return I have the following on my Schedule D :

Line 14: -236,898

Line 15: -236,898

Line 16: -236,898

line 21:  -3,000

 

But for my original 2023 tax return I have the following on my Schedule D :

Line 14: Blank (nothing)  

Line 15: Blank (nothing) 

Line 16: 5

Line 21: Blank (nothing)

 

This is one of the two reasons I filed an amended return - was to correct this omission to use my capital loss carryover. The other reason as I mentioned earlier was because I paid taxes on doubled the amount of imported interest (importing listed the interest amount twice on my return) from one income course, which was very confusing - and this doubled imported interest has happened to other TT users.

 

My question is why didn't TurboTax automatically carryforward my remaining Capital Loss Carryover for my 2023 tax return? (Which should have been the above 2022 tax return figure on Lines 14, 15 and16 of -236,898 less $3,000.

 

Why did this happen? What caused the blanks (nothing) on the lines for my 2023 return? 

 

 

I was thinking that maybe TurboTax asked if I wanted to use $3k of my carryover and I mistakenly answered 'no'.  I don't know what happened with my 2023 tax return pertaining to my Capital Loss Carryover and I don't know how to fix it!    

 

To fix it you have to file 1040-x Amendment No.2 that includes a corrected Schedule D and a reduction of AGI on 1040-X line 1 Col C of $3,005 less than the amount in Line 1 Col C of 1040-X No.1 

The remaining lines follow from the tax calculated and the other amounts -- e.g. Line 18 refund -- as adjusted by IRS.

 

@Bob in Plano 

 

 

You said; Regarding your original omission, as far as I know, there is no user-selectable option to not apply a capital loss carryforward. So, how did this omission of my capital loss carryforward happen? 

 

I sent the Schedule D as part of my 1040X with the correct cap loss figures! My 1040X Amendment had the Schedule D with the correct cap loss carryover figures for 2023.  And my AGI was accurate. With the doubled interest amount removed that lowered the AGI by $2,054, and it was lowered by $3,005 using $3k of my cap loss plus $5 for CIL.  The AGI was correct on Line 1 Column C.

 

So, I don't see why I would need to file a 1040X No.2 There would be no change from 1040X No.1

---

You said: If you mailed Form 1040-X and did not attach Schedule D you did not attach the required supporting document.

But my 1040X that I mailed to the IRS did have the correct Schedule D  with accurate cap loss carryover as part of the multiple page amendment I printed and mailed to the IRS .    

You said; Regarding your original omission, as far as I know, there is no user-selectable option to not apply a capital loss carryforward.

Then how did this omission of my capital loss carryforward happen? 

 

My 1040X Amendment has a corrected Schedule D  already. And my AGI is accurate. With the double imported interest amount removed that lowered the AGI by $2,054, and lowered it by $3,005 for using $3k of my cap loss plus $5 for CIL. 

 

I don't see why I would need to file a 1040X No.2

---

What I find troubling about all this, is when I did my 1040X it displayed a refund of $661 when I entered the $3k capital loss carryover. So, why didn't I get a $661 refund to correct not having used my capital loss carryover on my original 1040-SR? 

I'm totally confused because my 1040X shows this:

 

Summary | Amount to be Refunded $ 1,113.00 (which is for the two corrections of $452 + $661)

Line 7( Capital gain or (loss): -3,000 (Though it did not include the $5 for CIL fractional share.)

 

I think my Adjusted Gross Income was reduced accordingly per the 1040X entries. 

 

I find it confusing in terms of what was wrong with my 1040X, and why it is suggested that I need to file a 1040X No.2 when it seems No.1 was correct with the exception of Line 7 not including the $5 for CIL; it should have been -3,005 instead of -3,000.  Help!  

 

 

I'm not getting any meaningful help to accomplish my goal of getting my refund of $661 that has not been paid for one correction in my 1040X although I was paid for another correction in my 1040X. That was th purpose of starting this thread...   

 

I have reviewed my original 1040-SR  tax return that had blanks (nothing) for my capital loss carryover on Lines14, 15 and  21 of Schedule D, but the $5 for CIL was on Line 16.

 

My AGI on the  original 1040-SR filing was $192,129 but that included $4,108 interest from one payee which should have been half that amount or only $2,054 (because it was imported twice, so by correcting the interest with my 1040X  that correction lowered my AGI by $2,054. Then, with the $3,005 for Capital loss plus $5 for CIL this reduced my 1040X AGI to $187,070 ($192,129 - $2,054 - $3,005 = $187,070).   $187,070 AGI is clearly shown as the corrected AGI amount on my 1040X for Line 1 Column C.   This confirms the reduction of AGI is correct on my 1040X.

 

With respect to the Schedule D, I have reviewed my 1040X that  I mailed to the IRS to correct the interest issue and for not using $3k of my capital loss carryover. And I think the Schedule D in my 1040X is correct and was sent as part of my 1040X Amendment filing as follows: 

 

On both Lines 3 & 7 of the 1040X Schedule D Part l was: $5. for CIL of a fractional share

On Line 14 of the 1040X Schedule D Part ll was: 233,898 (there is no minus sign before the figure)

(This is the correct capital loss carryover amount for tax year 2023 as shown on my 2022 tax return)

On Line 15 of the 1040X Schedule D Partll was: -233,898 (with a minus sign before the figure) 

 (This is the correct capital loss carryover amount for tax year 2023 as shown on my 2022 tax return)

On Line 21 of the 1040X Schedule D Part lll was: 3,000.

 

My AGI on my 1040X is $187,070 - this reflects the reduction of $5,059 from the $192,129 AGI on my original 1040-SR - by virtue of a $2,054 reduction that came about from correcting the double importing of interest that I earned from one payee and the reduction of $3,005 for $3k of my capital loss carryover plus $5 CIL of fractional share; ($2,054 + $3,005= $5,059 reduction from the $192,129 AGI on my original 1040-SR  equals $187,070.

 

Everything about my 1040X that I mailed to the IRS seems to be accurate. 

 

All the above figures for my 1040X that I mailed to the IRS appears to me to be totally accurate and the correct entries to amend my original 1040-SR that needed two corrections; (1) to correct the omitted $3k capital loss carryover plus $5 for CIL and (2) for paying taxes on $2,054 too much interest.

 

My 1040X cover sheet even stated the correct total amount of the refund the IRS said I was to receive:

Amount to be Refunded $ 1,113.00  I agree that this $1,113 is the correct amount ;c/o $452 for the interest correction & $661 for the $3k cap loss correction)  

 

I'm at a loss to understand why anything different or further is needed by the IRS from me to get refunded the $661 that I'm due for using $3k of my capital loss carryover.

 

My 1040X Amended filing seems to me to be totally accurate and all the IRS should need  to fully understand and refund me the $661 that using $3k of my remaining capital loss carryover provides. 

 

Do you see any reason why the IRS has not refunded my $661? Could it be they are just way behind in sending out some refunds? It's strange that I have already received my $452 refund for the interest correction that was on the same 1040X as the capital loss carryover correction. 

 

What do you think?  What should I do now?  

 

 

 

 

 

  

 

What happens if I mail the same 1040X amended return to the IRS a 2nd time? It will have  the same reduced/accurate AGI the first 1040X had. It will also have the same Schedule D with the same cap loss figures on Line 14 &15. And like the first time I sent the 1040X it will have all the amendment pages.  And I would include the same letter I sent the IRS earlier requesting my $661 refund...

 

Would it be okay to send the same 1040X again?  Or do I just keep waiting  longer for my $661 refund, or do I just give up trying to figure out why I haven't received my $661 refund I'm due?

 

This is frustrating to make sense of...       

Now you're saying all was filed correctly, so we're back to the beginning where we started with this thread.

 

@Bob in Plano 

It certainly looks like my 1040X was filed correctly. The problem remains the same - that I only received the $452 refund for the interest correction. I still have not received the $661 refund for using $3k of my cap loss. 

 

Nothing has changed from the beginning when I started this thread - - 'My Amended 2023 Return was 'Adjusted' on April 26 resulting in a refund (for only one of the two amended corrections) that I promptly received on April 30. My amended return was 'Completed' on May 17th but I have yet to receive a refund for the other amended correction.'  This is where I still remain - getting a refund for only one of the two corrections my 1040X amended...  I'm still waiting on the $661 refund and don't know what to expect or what to do about it...    

@Bob in Plano it would seem the only way to resolve this issue is to call the IRS. Noone on this forum can see your return. filing a second 1040X won't do any good if it's exactly like the first.

 

1. Call 1-800-829-1040 between the hours of 7:00 AM – 7:00 PM local time.
2. Select your language.
3. Press 2 for answers about your personal income taxes
4. Press 1 for questions about forms, tax history, etc.
5. Press 3 for all other questions
6. Press 2 for all other questions
7. Do not input your Social Security Number when the recording tells you to. It will ask twice
8. Press 2 for personal- or individual-tax related question
9. Press 3 for all other inquiries
10. Wait to be connected to someone at the IRS.

Well, I called the IRS and held for over 30 minutes to suddenly get a busy tone - probably someone picked up the phone and just hung up right away.   

 

So, not to give up I called the IRS back again and I was immediately given a recording that said refunds for mailed-in paper returns could take 6 weeks, but that didn't help a bit to answer my few questions.

 

Finally, after another ½ hour hold I was able to talk with an IRS agent but he was not interested in helping to explain why refund amounts pertaining to two corrections on a 1040X amended return were not sent in one refund check. The IRS agent was also unwilling to find out why just one of the two corrections resulted in a refund and why the other correction refund remains unpaid. Nor was the IRS agent willing to find out if the remaining unpaid refund is still active or is in limbo for some reason. Worse than worthless!   

 

I have decided  to just wait to see if I ever get the $661 refund owed me for using $3k of my available capital loss carryover.  And, I have decided that if I never receive the $661 owned me for using $3k of my available capital loss carryover that I will just forget about it and hope it goes to something worthwhile, which I'm pretty sure is unlikely. 

 

The entire process is very frustrating because you cannot obtain detail answers to specific questions that make sense... 

 

I still don't understand why imported interest was duplicated on my 1040-SR resulting in doubling the earned interest from one payee, which required a 1040X amended return to correct - BTW, double interest from importing is something other TurboTax customers have experienced too according to the community forum. 

 

I still don't understand why my 1040-SR had blanks (nothing) for Lines 14, 15 & 16 on my Schedule D when there is no option (I'm told) to decline using available capital loss carryover when doing your Federal taxes online using TurboTax Premier, which required a second correction on the 1040X amended return.  These two corrections was why I filed a 1040X -

I firmly believe both were likely caused by glitches in the TurboTax system

, otherwise my capital loss carryover would have been automatically available (auto-filled) for the Schedule D like in past years. 

 

Very frustrating for numerous reasons!