Our filing status on the IRS' website showed "Under Review" with a link to Topic 151. We've since learned what 151 meant and contacted the IRS. The agent on the phone explained that our filing can take up to 180 days from the date of our call for review and an IRS response, but directed us to download the "wages and income transcript" to see if our filing is consistent with what IRS has on record and we *could* file an amendment if we wished to do so.
We had to paper file for the first time because of a special tax situation and TT did not support the needed form for e-file. After the call with the IRS and reconciliation with the wages and income transcript, we recalculated that the refund should have been $9,000 instead of $10,000. We have not received the refund nor have we received any communication from the IRS other than what was shown on IRS' filing status web page.
If we file the amendment now, the 1040x form says to include a check for $1,000 difference between our original refund estimate and the amended refund amount. A this point, is it advisable to 1) file an amendment NOW with our corrections with a $1000 check included, OR 2) file an amendment NOW with no check included (since we still overpaid and a refund is due), OR 3) wait for IRS to compete its review before doing anything? Which option is best and why?
Many thanks for any insight.
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wait until the IRS finishes processing your original return. This is what the IRS prefers. filing an amended return before this is done can create issues and actually delay your refund. in some case the IRS automatically makes the correction and does not need or want an amended return.
if you asked for $10K back and the IRS corrects this to $9k that's what you'll get so there's no reason to send the IRS a check for $1K. also since you are still getting a refund there should not be any penalties
If you over paid and you still expect a refund of $9,000
and your 1040-X says send in $1,000, TurboTax is assuming you already were refunded $10,000.
@Anonymous
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