I received my 1099B after I had already filed my taxes. Originall, I was to get a return for both federal and state, but with this change I now owe for both. however, my original refund has already been deposited into my bank account. What do I do with the refund?
With the original refund you should pay the amount owed on the amended returns.
So if I had a $1,500 refund and after the amended return owed $300. I pay the $300 and keep the rest?
Yes that is the case.
Once you start an amend it zeros out the refund. This is due to the fact that the software thinks you have already received or paid the original refund amount.
Then you should take the $247 you received from the original and add $71 to pay for the amended return
One more question. When I get that refund send it back with the 71 right?