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garysalontai
Level 1

Amount i should pay after amending my taxes?

I filed my federal taxes early and received a refund. However I just received a schedule K form 1041 which shows a capital gain amount, I just finished amending my taxes with TurboTax. I now owe some money. My question is does TurboTax have any way of knowing that I received a check from the federal government and should that refund be added to  what TurboTax now says I owe?

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Accepted Solutions
rjs
Level 15
Level 15

Amount i should pay after amending my taxes?

The amount of the refund that you received from your original tax return should be on line 18 of your Form 1040-X. TurboTax would have put it there automatically if you followed the proper procedure for preparing your amended return. It got the amount from the refund shown on your original tax return. If the correct amount is on line 18, then your refund has been taken into account and the amount on line 20 of Form 1040-X is the total amount that you now owe.

 

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2 Replies
rjs
Level 15
Level 15

Amount i should pay after amending my taxes?

The amount of the refund that you received from your original tax return should be on line 18 of your Form 1040-X. TurboTax would have put it there automatically if you followed the proper procedure for preparing your amended return. It got the amount from the refund shown on your original tax return. If the correct amount is on line 18, then your refund has been taken into account and the amount on line 20 of Form 1040-X is the total amount that you now owe.

 

View solution in original post

garysalontai
Level 1

Amount i should pay after amending my taxes?

Yes the information you gave was very helpful everything was listed on the 1040 X exactly where you said it would be thank you.

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