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Level 2
posted Apr 3, 2021 10:39:50 AM

Taxes Due on Amended Return

I amended my 2020 return for a K-1 I received after I filed.   Turbotax calculated a slightly different tax amount but said there was "no refund or tax due"   Why is that?   The difference was about $54.00.  

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1 Best answer
Expert Alumni
Apr 5, 2021 1:07:52 PM

The tax tables vary by $50 increments so a slight change makes sense as seen here, 

Tax Tables. The other thought would be if you had no tax liability, having already used credits or reduced income. You may not have a tax liability. Is your tax liability zero or zeroed out?

 

Do you mean that you should have a $54 refund and the program then said no refund? Did you mark payments made or received already?

 

Here is the form and instructions, About Form 1040-X, Amended U.S. Individual Income Tax Return.

 

If you can identify a problem, and where, we are glad to help.

2 Replies
Expert Alumni
Apr 5, 2021 1:07:52 PM

The tax tables vary by $50 increments so a slight change makes sense as seen here, 

Tax Tables. The other thought would be if you had no tax liability, having already used credits or reduced income. You may not have a tax liability. Is your tax liability zero or zeroed out?

 

Do you mean that you should have a $54 refund and the program then said no refund? Did you mark payments made or received already?

 

Here is the form and instructions, About Form 1040-X, Amended U.S. Individual Income Tax Return.

 

If you can identify a problem, and where, we are glad to help.

Level 2
Apr 5, 2021 4:45:25 PM

I went back and looked at the return in detail.  It showed tax method was QDCGTW.  The taxes went up but there was also a $54 credit on Line 7 of the 1040X which brought my tax back to the original amount file.  So I assume I am ok.  Even though I am not sure I understand where the credit came from.   Thanks