What should I do with my 1040-V after amending return?

[arjunaravikumar]

I amended my return on TurboTax and am getting back an extra $250 federal and $49 State (CA). For federal I'm getting the cash back electronically, but TT made me print out a 1040-V payment form/voucher saying I'm paying ~$3k to the IRS. Do I need to send this? Or is this based on my past tax due (which I've already paid and had accepted by IRS)

[DavidD66]

It sounds like, based on your description, that the 1040-V is for the tax you've already paid.  I suggest you review page 1 of your 1040-X.    Line 16 should be the amount you paid when you filed your original return.  If there is an amount on Line 20, that is the additional tax you owe.  If that line is blank, you don't owe any additional tax.  If there is an amount on Line 22, that the additional refund you will receive.

[arjunaravikumar]

That's right, line 16 shows the amount I previously paid, 

Line 20 is blank

Line 22 has the amount I should receive from federal (which they will send electronically). 

So I don't need to send the 1040-V to the IRS? 

[fanfare]

You are getting a refund (overpayment).

Do you want to send money to the IRS?

You can't get a direct deposit from Form 1040-X. paper checks only.

[fanfare]

If you did not pay the IRS yet, include the voucher if you mail a check.

You must pay the amount shown on your original tax return.

[shogunn]

@arjunaravikumar - did you ever get your question answered?  I just filed a 1040-x that resulted in a refund instead of a payment.  Should we just ignore the voucher if we already paid the taxes originally?  Thanks.

[DoninGA]

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@shogunn wrote:

@arjunaravikumar - did you ever get your question answered?  I just filed a 1040-x that resulted in a refund instead of a payment.  Should we just ignore the voucher if we already paid the taxes originally?  Thanks.

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The Form 1040-V payment voucher is only for the original tax return that was filed, it is not for the amended return.  Did you pay the taxes owed on the original tax return that was filed?

A tax refund for an amended return is only paid by check mailed to the address on the amend return.

[shogunn]

Thank you @DoninGA!

[fanfare]

"we already paid the taxes originally?  Thanks"

you don't pay twice, and you don't include a voucher without a check for that amount shown on the voucher.

[VolvoGirl]

Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 should be your additional refund.  If you paid on your original return it will be on line 16.  If there is an amount owed with the amendment, it will be on line 20.

If you have a tax due, do not send the 1040V.  Just include a check with the 1040X.  Ignore the 1040V.  That is for the original return or what the original return would have been if it didn’t need correcting.  Don’t pay the amount on the 1040V.  Pay the amount on the actual 1040X.

[DCChris]

If the original e-filed return has the tax owed being electronically withdrawn at a future date (tax filing deadline) will the amount still be withdrawn on that date? If so, does the 1040-V still need to be submitted as the TT program indicated?

[VolvoGirl]

The first original refund or tax due should still happen.  In fact you should not amend until the IRS has finished processing your return and sent the refund or you paid the tax due.  Ignore the 1040V voucher that prints with an amended return.  

[glasshamrock]

So if amendment happened before IRS had fully processed, but the amount needed to be paid didn't change with the amendment and had already been debited from account - just ignore the 1040-V that printed with the amendment?

Thanks! @VolvoGirl @arjunaravikumar @DCChris @fanfare @shogunn 

[fanfare]

the voucher accompanies a paper check.

if you already paid, the voucher is of no use.

@glasshamrock 

[Critter-3]

If you have set up the balance due to be debited at a future date then WAIT to file the amended return until the debit has happened.   

OR   you can  stop the debit  and correct the amount already paid on line 16 of the amended return and only send in the lower balance due.  

• Call IRS e-file Payment Services 24/7 at 888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.

Look at the form 1040X …

Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.

If you completed it correctly you will see an entry on either line 16 OR 18:

On line 16 should be the amount you paid with your original return. If you paid nothing already then this line should be zero.  Changes on line 16 will need to be done using the downloaded program in the FORMS mode  or  by hand if you paper file the 1040X.

On line 18 should be the amount of your original refund you received.  If you have not received your refund yet then you need to wait for it.  If the refund changes from what you expected then this line must reflect that change.

Then you will see your extra refund on line 22 OR  the new balance due you need to pay on line 20.