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As a practical matter, you owe the IRS the amount due on the amended tax return you have filed. But, until that amended tax return is filed you have reported to the IRS that you owe the amount on the original tax return.
Ok ... look at that amended return carefully ... it goes under the assumption you have already paid the original balance due ... so do you owe more ???
If you do have the correct amount you truly paid on line 16 and then you really owe less on line 20 then if you mail in the amended return by 7/15/2020 you only need to pay the amount on the 1040X line 20.
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.
On line 18 should be the amount of your original refund you received.
Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.
I filed my fed return and on it, I made a mistake in which I would have to pay $10k more in tax. I have not paid anything yet. My amended return shows I owe $5k and have not yet mailed it. Do I still need to send a check for $10k and then wait for a refund.
Thanks very much for your help!
Ok ... look at that amended return carefully ... it goes under the assumption you have already paid the original balance due ... so do you owe more ???
If you do have the correct amount you truly paid on line 16 and then you really owe less on line 20 then if you mail in the amended return by 7/15/2020 you only need to pay the amount on the 1040X line 20.
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.
On line 18 should be the amount of your original refund you received.
Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.
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