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If I file a amended tax return what will happen to the money I already received. Do I keep it or does it get taken away? What happens if I already spent to money

If I amend my return can I file through TurboTax
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4 Replies

If I file a amended tax return what will happen to the money I already received. Do I keep it or does it get taken away? What happens if I already spent to money

We do not know why you are amending or what you will change if you amend your tax return.   Are you adding more taxable income?   If you add more income then you could owe more tax---and you would have to pay it even if you already spent the refund you received.     Or are you making a change that will result a bigger refund?  Provide some details---without any of your personal information.

 

And why are you asking if you can use TurboTax?  Did you use TurboTax to file your original return?  If you used some other software you should use that same software to amend instead of trying to switch to TurboTax.  Switching to TurboTax just to amend would be a real pain, although it can be done.   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

If I file a amended tax return what will happen to the money I already received. Do I keep it or does it get taken away? What happens if I already spent to money

You will still get the refund from the first original return or still need to pay the first tax due.  In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.  

 

Then the amended return is only for the difference you get back or owe.  I think the cover sheet shows what the original return WOULD have been if you did it right the first time.

 

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 I file a amended tax return what will happen to the money I already received. Do I keep it or does it get taken away? What happens if I already spent to money

"What happens if I already spent [the] money?"

 

If your amended return shows you owe the IRS more, you will have to come up with the money from somewhere.

If I file a amended tax return what will happen to the money I already received. Do I keep it or does it get taken away? What happens if I already spent to money

on the amended return, you report the original refund (actually the original overpayment)  - line 18 so what you end up with is either an additional refund or an amount owed.

 

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