Amending 2020 tax return with AGI

[hari-prasadh]

I'm amending my 2020 tax return (missed to indicate cost basis for ESPP correctly)

Comparing the original 2020 and amended 2020:

a) Adjusted Gross income amount and Taxable income are UNCHANGED

b) Total tax correct amount (amended) is LESS than Total tax amount (original)

However refund is listed as ZERO

I was expecting refund to be the difference of the tax amounts between original and amended.

Am I misunderstanding anything?

Thanks

[Critter-3]

Look at the form 1040X …

Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.

If you completed it correctly you will see an entry on either line 16 OR 18:

On line 16 should be the amount you paid with your original return. If you paid nothing already then this line should be zero.

On line 18 should be the amount of your original refund you received.  If you have not received your refund yet then you need to wait for it.  If the refund changes from what you expected then this line must reflect that change.

Then you will see your extra refund on line 22 OR  the new balance due you need to pay on line 20.

Also review the entire returns side by side ... the original & corrected 1040 form paying special attention to the Sch D and the QDCGT worksheet for the calculation of the taxes.  

[fanfare]

re ESPP, If your AGI is unchanged, your tax cannot be less unless you changed your stock holding period from Short Term to Long Term.