Concern About When to File an Amended Return

[RPini]

I filed 2020 federal and state taxes with Turbotax in early February this year and immediately realized I had made an interest earnings error which would result in me paying federal taxes due plus about $1400.00 extra.  I asked a question here and was advised at the time that the best thing to do is file an amendment when the 1040X form becomes available through Turbotax. 

My concern now is that while working on my Turbotax amendment form it shows that I'm due a refund of that $1400.00.  The problem is that they have not yet withdrawn the original (errant) amount from my bank account.  If I file this amendment now, will I be adding to the confusion and possibly causing another problem?  Any advice or suggestions will be appreciated.  Thanks

[gloriah5200]

IRS generally expects all balance due amounts and refund amounts from the original return are paid before processing the amended return.

If you file the amended return electronically, then IRS will have the option to verify the balance due payment received before issuing the refund amount.  If they make an adjustment to it, they will send you a letter of explanation for the changes in processing the amended return.

[RPini]

Thank you!

[RPini]

Okay, now I'm confused again.  I went ahead and efiled my amended federal taxes with Turbotax and after it was "successfully" transmitted, I was directed to a "Payment Voucher" Form 1040 V.  Per Turbotax, it says I need to mail the 1040V in with a check for the amended tax amount.  Since I originally authorized IRS to make a tax due withdrawal from my bank, it seems to me that if I mail a check, they might end up withdrawing AND accepting a separate check.  I'm not sure what to do now.

Thanks in advance for any thoughts or ideas.

[KrisD15]

Although a 1040V was generated, does the 1040X show tax due? If not, no payment needs to be made. 

An amended return should be filed AFTER the original return has been processed. 

In your situation, it is assumed the payment you arraigned on the original return WILL be processed by the IRS.  

The IRS needs to process the original 1040 before they process the 1040X.

Your 1040 and your 1040X do not land on the same desk. 

[RPini]

Hi,

Yes, the 1040X shows tax due and it is the correct amount owed. 

I interpreted the first response to my original question in this thread (I assume you can see it)  to mean that if the IRS receives my electronically filed 1040X, the worker who receives it would know an original 1040 had already been filed and would be able to sort things out.  As I've done in prior years, my bank account information was included with the original filing to allow the IRS to withdraw the amount I owe. 

At this point I think I need to call the IRS and hopefully get proper guidance from them.  I appreciate your response and I'm open to any further suggestions.

Thanks