I did my taxes and owe 799 to federal. I forgot to add my Ira which is 7k. Usually it’s 2,000 dollars back. Do i amend and wait or pay the 799 and get it back later.

[JulieS]

If you submitted your return and it was accepted, you will need to file an amended tax return to include your IRA deduction. You won't able to do that for a few weeks yet as the 1040X should be available toward the end of this month.

You don't have to pay the tax you owe on the original return until April 18, 2022, so you can just file the amendment before that. 

Just be sure to change the "Amount paid with return" to $0, so it will show the correct amount that you will get refunded. 

[davidharter50]

Thank you

[davidharter50]

Could you please clarify the last part. I printed out a 1040x not to fill it out yet just to see what your talking about. I’m not sure what line(s) your talking about. I just want to make sure I get this right. Thank you

[ThomasM125]

Your additional pension plan income will show up in line 1 as an increase to your adjusted gross income.

You enter your original tax return numbers in column A and the increase in income in Column B and total them in Column C. You just enter the numbers requested for each column on the form.

[davidharter50]

I think so. I’m just waiting on the 1040x to come out. Thank you

[Critter-3 · Accepted solution]

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. If you paid nothing already then this line should be zero.

On line 18 should be the amount of your original refund you received.  If you have not received your refund yet then you need to wait for it.  If the refund changes from what you expected then this line must reflect that change.

Then you will see your extra refund on line 22 OR  the new balance due you need to pay on line 20.

[davidharter50]

I received a letter from the IRS stated that we can claim the stimulus check that we didn’t receive in November on our taxes. I did our taxes already. On the amended 1040x. Does it go on line 1 with the income or is there a special line for it? 

[Critter-3]

First look at your original tax return form 1040 line 30 ... if you indicated that you did not get the third stimulus payment when you filed the credit is already on that line.  

Otherwise you can use the amendment process when it becomes available in March  AFTER you have already received the original refund.   It will show up on line 15 of the 1040X.