Will IRS issue a larger refund than expected?

[RedStephy]

So, I filed my taxes yesterday and they have been accepted...unfortunately, my 1099-R had incorrect information. You see, I cashed out my 401k after leaving my employer and while I was confident that a 3rd of it had been held onto for taxes, the box indicated $0 and that's what I entered for federal income tax withheld. This wasn't sitting well and I decided to call Charles Schwab today-the representative lets me know that I did pay federal income tax to the tune of over $5,000. I spoke with the IRS and of course they advised me that I will need to file a 1040-X, but my question is-if the IRS received the correct information on the 1099-R that they received from Charles Schwab, will they adjust my refund? I assume not and figure they will want the ammended return form before I see anything more, but also figured that they should be able to see that I paid taxes on that money already. 

[Rachel_W · Accepted solution]

It is possible that the IRS adjusts your return and sends you an additional refund, but that will most likely take a year or more.  It takes the IRS quite some time to match income records to your Tax Return and make adjustments.

I highly recommend that you go ahead and Amend your Tax Return after the IRS fully processes your return and you receive your refund. 

Then, you should Amend your Tax Return by filing Form 1040-X to include the correct Form 1099-R information. 

You can click here for instructions on Amending your tax return: How to Change a Tax Return You Already Filed.  TurboTax will walk you through Amending your State Tax as well.

[RedStephy]

Thank you, Rachel:) Can't blame a girl for wishful thinking, haha!

[queenj1624]

 I received a CP24 notice March 4th I was wanting to know if anyone had any idea of how long it should take for me to receive my refund and will I receive my refund through the mail

[wiresmal1940]

I did my return with turbo tax

[wiresmal1940]

I am afraid to file this turbo tax return because if there is an error I will have to go through a

redo.  It is correct with all areas answered.  Just can't understand why I'm getting more back than

I paid in!  Do elder people get some kind of extra refund?

[AnnetteB6]

There is not a particular kind of extra refund available for taxpayers of a certain age.  

Unless you qualified for a refundable credit such as the Earned Income Tax Credit, it would be highly unusual to get back more of a refund than your withholding amount.  Did you apply your 2018 refund to your 2019 taxes? 

Even though you stated that your entries were all correct, you should double-check your withholding amounts shown on your tax documents and compare that number to line 17 on your Form 1040 just to be sure that it matches.  If you find a mismatch, double check the entries in your return.  

How do I preview my TurboTax Online return before filing?

@wiresmal1940