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Owing on an Amended Returned 1 year later after filing on time and receiving a refund

I am helping a friend amend 2021 taxes, filed on time and they received a refund of $2,000. Then upon working on 2022 tax return, it was discovered that some income was missing on the 2021 return. So we are amending 2021 return in Turbotax and adding the income. Turbotax says they now owe $5,000 on the amended return and this can be debited from the bank account. Our question is...they pay the $5,000 and will the $2,000 refund from last year be additionally owed (thereby owing $7,000) or is Turbotax already taking that the refund in consideration? 

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Owing on an Amended Returned 1 year later after filing on time and receiving a refund

Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 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.

 

If you have a tax due, do not send the 1040V.  Just include a check with the 1040X.  Ignore the 1040V.  That is for the original return or what the original return would have been if it didn’t need correcting.  Don’t pay the amount on the 1040V.  Pay the amount on the actual 1040X.

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Owing on an Amended Returned 1 year later after filing on time and receiving a refund

Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 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.

 

If you have a tax due, do not send the 1040V.  Just include a check with the 1040X.  Ignore the 1040V.  That is for the original return or what the original return would have been if it didn’t need correcting.  Don’t pay the amount on the 1040V.  Pay the amount on the actual 1040X.

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