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I was received a $4300 refund, however I left out almost that exact amount in a capital gains from one of our mutual funds, when I amended the taxes, the software showed that I lost the entire refund. Is the software defaulting to zero or will capital ga
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I was received a $4300 refund, however I left out almost that exact amount in a capital gains from one of our mutual funds, when I amended the taxes, the software showed that I lost the entire refund. Is the software defaulting to zero or will capital ga
The software will automatically "zero" out once you start an amended return. Then, after you make any changes, any refund/or amount due that shows is only the difference between the original and the amended return. So, in your case, it shows there was no change and you can still expect to receive the $4,300 refund.
Since you said that you entered capital gains, if they were long term capital gains or qualified dividends, then this is a realistic result depending on your income level. Capital gains tax rates are often lower than regular tax rates, and long term capital gains rates can be as low as 0% for those in the 10 and 15% tax brackets.
When you print out the amended return, you should be able to follow the changes made and any tax impact better on the Form 1040X itself.
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I was received a $4300 refund, however I left out almost that exact amount in a capital gains from one of our mutual funds, when I amended the taxes, the software showed that I lost the entire refund. Is the software defaulting to zero or will capital ga
The software will automatically "zero" out once you start an amended return. Then, after you make any changes, any refund/or amount due that shows is only the difference between the original and the amended return. So, in your case, it shows there was no change and you can still expect to receive the $4,300 refund.
Since you said that you entered capital gains, if they were long term capital gains or qualified dividends, then this is a realistic result depending on your income level. Capital gains tax rates are often lower than regular tax rates, and long term capital gains rates can be as low as 0% for those in the 10 and 15% tax brackets.
When you print out the amended return, you should be able to follow the changes made and any tax impact better on the Form 1040X itself.
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