Was overpaid for Additional Child Tax credit due to forgotten 1099-C forms

[HHAcademy]

I filed in early January 2019 but didn't get 1099C forms from two creditors who had forgiven debt in 2018 until several weeks after filing. I totally forgot about including those amounts in my income. So I received the additional child tax credit payment, but my amount of income would reduce the amount I should have gotten.

I know I can file a 1040X form for 2018, which I am working on right now, but I cannot figure out what form to use to show how much money I need to pay back. Obviously, there is interest included as well. Do I file the 1040X and wait for the IRS to send me a tax bill? Is there an additional form I need to include? The only change is the two 1099C affecting the income, so I would only need to include those forms with the 1040X, correct?

Would another option be to file those 1099C forms with 2019 taxes when I file in 2020, adjusting my income then? If this is possible, it would save quite a bit of a headache, but I don't know if 1099C forms always have to match up with the year they were mailed out or the date the debt was cancelled.

[Critter]

When you complete the amended return to add the 1099-C forms the program will calculate the balance due... Mail the bal due with the 1040X per the instructions provided and the irs will bill you later for any penalty or interest. 

[HHAcademy]

What if I didn't use TurboTax to file? Could I import my old tax info to the program and do that through TurboTax?

[xmasbaby0]

If you did not use TurboTax to prepare your 2018 return, it is possible to amend the return using TurboTax but it will really be a pain.  It would be better to use the software or service used to file originally.  If a paid preparer made a mistake on your tax return, that tax preparer should do the amended return for you at no charge.

In order to use TurboTax to amend your 2018 return, you need to purchase the desktop software for 2018 and re-create the return EXACTLY as it appeared when it was filed with the IRS/states.  Every line has to be the same.  Then you have to "trick" the software into thinking you filed by saying you will mail the return. (but do not mail it)   AFTER that, you use the software to prepare a Form 1040X, which has to be printed, signed and mailed to the IRS.  It takes the IRS about 3-4 months to process an amended return.

[Anonymous]

the info you provided indicates it was not the preparer's mistake so you might get charged.

It is also likely,   that the IRS will eventually catch the omission even if you don't amend.     In this case they will bill you for the taxes, interest and late payment penalties.  Amending now, will save some penalties and interest because it could many more months before the IRS issues the bill.   interest increases daily and penalties increase monthly.

my recommendation would be to go back to the preparer and find out what the charges would be before you decide  to either wait for  the bill or redo your return using TT.