We filed our 2020 return in April this year showing a refund to us of $2200. We then realized we forgot to include Social Security earnings and filed an amended return an hour later which showed we now owed the IRS $600. The IRS has already direct deposited the $2200 into our bank account. The QUESTIONS: Since we now owe the IRS $1600 what is the correct procedure to pay it? Will we be billed or do we simply send the IRS a check? The concern here is if we send a check will the IRS reconcile it with the two filings? Or will the IRS simply debit the amount owed from our bank? Thanks in advance as it's our first ever amended return.
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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.
What exactly did you do to amend----one hour after e-filing? Did you actually prepare a Form 1040X and send it in? (By the way------you should WAIT for an original return to be fully processed instead of panicking and trying to amend within minutes.) Did you e-file a 1040X or did you mail it?
Are you sure of what you are seeing on the amended return? In one sentence of your post you say you owe $600 and in another sentence you say it is $1600.
Going forward----we are here in the user forum to help-----before you panic and make more mistakes---ASK us what to do. We would have advised you to wait for that first return to be processed before you sent in an amended return. Now you say you did receive the first refund. We cannot tell if you really amended correctly --- but if indeed you owe the IRS for the additional income you can mail a check to the IRS or you can pay directly on the IRS web site.
Before you do any of that---please call in to customer support so someone can help sort out what you really did and if you filed an amended return the right way.
To call TurboTax customer support
https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number
Customer support is available from 5 a.m. to 5 p.m. Pacific time Monday-Saturday.
https://www.irs.gov/payments/direct-pay
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
It is your job to reconcile the two filings and any other IRS adjustments before you submit 1040-X.
Pay the amount shown on 1040-X Line 20.
You can pay online immediately at the IRS "Make a Payment" page.
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 did not go into this detail because it is too late to do anything about it .
If an error was made IRS has to reconcile it.
I suspect most amended returns are submitted with errors.
That is why amended returns take six months or more.
I helped my brother-in-law with his amendment but made an error on the dependent section.
I helped my niece with her now-in-process amendment but later found out another amendment is needed
due to a different error on her original return.
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