we filed our taxes in feb but we forgot to add one W2. we added it in april and amended our tax return and it said that we would receive an extra $1348. i even talked on the phone with a TurboTax expert to make sure that was extra money we would get and not money we owed back. he doubled checked and confirmed that we would get that extra money. however, we have not received it yet and on the 1040-X that amount ($1348) is shown in line 21 (amount overpaid on this return). can someone explain why please?
Did you wait for the original return to be done processing?
You will still get the refund from the first original return or still need to pay the first tax due. In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.
Then the amended 1040X return is only for the difference you get back or owe. I think the cover sheet shows what the original return WOULD have been if you did it right the first time. Ignore the new 1040 that might print out.
Go by the actual 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund. If you paid on your original return it will be on line 16. If there is an amount owed with the amendment, it will be on line 20.
If you have a tax due, do not send the 1040V. Just include a check with the 1040X. Ignore the 1040V. That is for the original return or what the original return would have been if it didn’t need correcting. Don’t pay the amount on the 1040V. Pay the amount on the actual 1040X line 20.