What do i do if i think i messed up my taxes and am getting too much back ?

[rachelrenee07]

i already filed them and am concerned i’ve messed them up badly. is it possible to refile or edit after i’ve filed ?

[xmasbaby0]

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  The IRS began to accept/reject 2020 returns on Friday, February 12, 2021.  You have to wait for the email that tells you if your return was accepted or rejected.  If you do not see an email, check your spam folder.

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return. 

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.

  Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

[Shirlmae1963]

What do i do if i think i messed up my taxes and i owe money

[Vanessa A]

Did you submit your return yet?  If not, then you will just go back into your return and make the changes you think need to be made.

If you already submitted your return, you will need to  Amend Your Return .  Form 1040X is not available until February 23 this year, so you will need to wait until then.

Why do you think you messed up your taxes?  Did you expect to owe money but are getting a refund?  If so, this could have been an entry error, but could also be because of changes in refundable credits this year. 

If you are getting a lot more than you are expecting, then walk back through all of your entries.  Pay special attention to your W2 taxes withheld on box 2,4 and 6.  Also, look at any other forms that you entered taxes withheld.

If you have $0 entered for the 3rd stimulus, you will just need to go back to the Federal Review section and change your answer.  However, this is only a $1,400 difference.  

You can also look at your 1040 to figure out where the refund is coming from., line 28 will be the amount you are getting for the child tax credit.  If you did not receive any advance payments. 

Line 32 is your refundable credits which includes your Earned Income Credit, Child Tax Credit, Dependent Care Credit and a few other refundable credits from Schedule 3.

Line 33 of your 1040 are your total payments.  This is NOT a refund amount, this is the sum of what you had withheld from your paychecks and all of your credits, some credits are refundable others are not.

Line 34 is the amount of your refund.  This is how much you paid in, plus your credits minus your tax liability. 

Looking at lines 16-34 should explain your refund amount.  If there is something that doesn't look right, then you can go back to that section and change it.