My amended return added only $3450.31 to the total income. Prior refund was $3040 now I owe $1112!!?? A $4100 tax on $3,450?? Do I need a tax office to fix this now??

[AnthonyC · Accepted solution]

No.  What is happening is you will still be paid the original $3,040 refund, but will owe $1,112 back to the IRS.  The refund meter only shows the differences in the changes between the original and the amendment.  So, your net refund would be a little under $2,000.

It is still a large change but it is possible.  Depending on your income and dependents, that extra $3400 could have caused you to lose a big chunk of a credit such as the earned income credit in addition to the tax on the income.  Or, if it was self-employment income, then you would also be paying 15% self-employment tax in addition to income tax.  Or, if you have a high income and are in one of the higher tax brackets, then you tax liability would be about 33%.

You will need to print out the amended return to mail to the IRS, so hopefully you also printed or saved a copy of your original return and you can compare and see if one of the above scenarios looks correct.  

[Critter]

If the IRS accepts your return, you MUST wait until it has been fully processed and you receive your refund or have paid your balance due.  You will need to prepare an amended tax return on a 1040X and mail it in. You cannot e-file an amended return.  They have to be mailed, and it takes about 16 weeks for the IRS to process an amended return. In the meanwhile, DO NOT go in and make any changes to your return. 3 weeks after you mailed your amendment, you can start tracking its progress at the IRS Where's My Amended Return? site. Instructions can be found here (amending becomes available mid-February:(  

The amend form will be ready for you in mid-February. Check back at this time if you would like to amend your 2016 return.

Related Information:

• What does it mean to "amend" a return?
• Do I Need to Amend my Tax Return?
• Can I amend a pending return?
• Can I cancel a pending return?

GEN87548

 Answered by  TurboTax FAQ  to  this question

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.