Tax Error

[RPini]

Immediately after I hit "send" for my completed 2020  federal & state taxes I realized that I had entered the identical amount of interest income for two different bank accounts.    The error resulted in me owing over 1000 dollars more in taxes than I should have paid, which will be directly withdrawn from my bank account.  When I try to amend I am getting a Turbotax message that says I won't be able to amend my taxes until late March.   Does anyone know whether or not the IRS catches this kind of error or will I likely need to wait and file 1040X (or both)?  Thanks in advance for any answers or thoughts.

[gloriah5200]

Yes, IRS might catch it but you won't hear about it until a year or so after the return was filed.  You are better off to file amended federal and state returns after the original returns have been processed.

You should not amend a return until IRS has had time to process the original return fully anyway.  Once that happens, then the 1040X will probably be available in TurboTax and you can reload your return and amend the federal and state returns at the same time. 

The expected availability date of the 2020 Form 1040X in TurboTax is currently March 25, 2021.

The bad part is that IRS will have your balance due payment from your account when they process the original return, but the good part is that once you have filed your amended returns, then you should get the excess refunded.

[RPini]

Thank you very much for your reply.  It makes sense that the IRS might catch it but they probably have a  few more tax returns to review than just mine.  : )   I'll just have to wait for the 1040X to be available on Turbotax and fill it out then.  Thanks again.