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My 2023 Federal Tax return was accepted and I got a refund a couple of weeks back. Do I need to amend my accepted 2024 federal and California returns?

 
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2 Replies

My 2023 Federal Tax return was accepted and I got a refund a couple of weeks back. Do I need to amend my accepted 2024 federal and California returns?

No amendment of the 2024 return is necessary unless that return included issues that would carry over to 2024 such as capital gain losses. 

My 2023 Federal Tax return was accepted and I got a refund a couple of weeks back. Do I need to amend my accepted 2024 federal and California returns?

@easytrak2002 

 

There's little way for us to know exactly if you need/should do so or not.....ALL the details in your 2023 file would need to be examined......and this PUBLIC website that everyone can see is certainly not a place to where you can share your details.

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That being said...is there anything in particular that you filed for 2023 that might change what you needed to claim on your 2024 file.

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Just spit-balling a few things that "might" help you if you amend 2024  Federal (but CA?...no clue)

 

1)  Capital loss carry-over from 2023 to 2024.   Did you have a major capital loss realized in 2023 taxes, that couldn't all be used for 2023.   IF so, some or all of that excess loss might carry-over to 2024 and you would need Amend Federal, in order for it  to be used in 2024 taxes, and may result in some Federal refund.

2)  Huge....huge donations to charity in 2023, that couldn't all be used.  Then the carryover excess could be used in 2024 taxes....but that only happens in rare cases with huge charity donations where you actually "Itemized" your deductions for 2023 (Schedule A).   If you used the Std Deduction for 2023...then there is no carry-over....

3)   If you itemized deductions for 2023, AND and you had a State Refund....AND your CA state Income&Property taxes were limited to the SALT $10,000 limit for your 2023 Federal tax return (again, Schedule A), then some of  the state refund may not be taxable on the 2024 Federal tax return, and an amended Federal might help tax return.

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Probably some other situations....but you'd need a pro tax preparer to review your situation to know for sure.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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