Amended Return is Completed - But confused by the IRS wording

[Bob in Plano]

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.  I kind of thought both corrections resulting in refunds would be added together and refunded in just one refund check but the check I received April 30 was for just one of the two amended corrections. Now that my amended return is 'completed'  I am confused by the IRS wording.  

Under 'Completed' the wording says:

We processed your amended return on May 17, 2024. The adjustment on your account resulted in a refund. You should have received your refund and/or a notice if your refund was adjusted to cover past due obligations.

I have received a refund for one of the two amended corrections when my return was 'adjusted' back on April 26, but what can I expect for the other correction? My amended return was 'completed' on May 17th and the wording under 'completed' says my account resulted in a refund.  Does that mean I should expect to receive another refund check for the other correction that I haven't received yet? The wording under 'completed' uses the past-tense phrase; 'you should have received your refund... Does this wording refer only to the refund I already received back in April? What about the remaining refund I am due for the other correction I haven't received yet?   

How long should I wait to receive  the remaining refund I'm due before just giving-up and accepting I won't ever get a refund check for the other correction?      

Thank you for an educated answer     

[VolvoGirl]

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.

[Bob in Plano]

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.

[VolvoGirl]

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.  

[Bob in Plano]

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...      

[fanfare]

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 

[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.   

 

[Bob in Plano]

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.

[fanfare]

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 

[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? 

[fanfare]

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

@Bob in Plano 

[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?   

[fanfare]

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

@Bob in Plano 

[Bob in Plano]

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

[fanfare]

"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.