Need help understanding how to amend an already amended return

[captain-goofball]

I e-Filed my original return, which calculated that I owed around $14K.  Later that same day (ouch) I got a letter which contained info showing that my employer had already withheld/paid the taxes as part of my normal salary.  I filed an amended return showing that the IRS actually owed me $15K instead (a difference of $29K!).  Just after tax day, the IRS withdrew the $14K from my bank account as payment for the original return.  Then, just this week I received a check for the $15K amendment.  I had naively expected the overpayment of $14K would be included as well.  So, I'm still short $14K - how can I properly file another amended return - this is a weird situation.

[VolvoGirl · Accepted solution]

No.  The amended return will only be the difference you get back or need to pay. You can confirm this by printing your amendment and looking at the 1040X. Line 18 should be your original refund amount and line 21 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.

So is the 14,000 you paid on  1040X line 16?  Then you got credit for it.   If your original return was done right you probably would have only gotten a 1,000 refund.  

[Critter-3]

Ok ... first REVIEW the original 1040X carefully ... was the original payment you made on line 16 ?   If so the look at the rest of the 1040X to reflect how the new refund was calculated.

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.

Now ... if column C is not correct and you still need to amend the return again ... then you will start the amendment process again ... this time column A will reflect the figures on the column C of the first amendment.  Only when column A so reflects the filed return should you make any further changes to the return.   I HIGHLY RECOMMEND YOU CHOOSE TO USE THE DOWNLOADED AMENDMENT PROGRAM THIS TIME IF YOU CAN. It will be easier to make changes to lines 16 & 18 to reflect the net of the refund & balance due correctly thru the direct entry in the FORMS mode. 

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[captain-goofball]

Ok, that helps to explain it.  I had expected to be close to breaking even originally.  Thank you!

[VolvoGirl]

If you owed 14,000 on the original return you probably had a estimated penalty on 1040 line 38.  So line 16 on the amended return will be less than 14,000.  Which I think means the 15,000 refund includes getting the penalty back.  

IRS Instructions for line 16……
You are filing Form 1040-X to amend your tax return. You sent a check for $1,500 with your original return, reflecting a payment of $1,400 in taxes and a $100 estimated tax penalty. When completing Form 1040-X, enter $1,400 on line 16 (the check sent with the original return minus the $100 penalty).

Didn't you enter the W2 from your employer?  Why didn't the withholding get entered?  Did the employer send  you a W2C to correct it?  There may be other things missing from the W2 you originally entered.  

[captain-goofball]

I did have an estimated penalty.  The cost basis for some investments was missing or incorrect for some stocks and was corrected in a different doc sent late from my investment account folks. This happened in years past and I just forgot about it / was impatient to file.