Reply to your comments.
Could there be a penalty on line 38? That adds into line 27.
I found a penalty on the original line 38 equaling the amount of the refund.
The amended 1040S-R also shows the same penalty.
You will still get the refund from the first original return or still need to pay the first tax due. In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.
I ended up owning tax of the first return. The IRS has already taken it from my bank account. I assume that they have processed my return, and it has cleared
Then the amended 1040X return is only for the difference you get back or owe. I think the cover sheet shows what the original return WOULD have been if you did it right the first time. Ignore the new 1040 that might print out.
I have issues with the 1040-X. Would is the operative term here
1: When I launched TT it asked me to update which I did. Then it asked me if i needed to amend a return. I selected amend and opened the return I wanted to amend. I entered the data for the new K-1 form (all entries = 0) and most likely saved. TT overwrote my original tax file. I used my saved PDF and original W2, 1099s, etc for checking data entries
2: TT now showed I owed a considerable amount to the IRS. I was confident that was not the case. I dug into the forms and found that there was shown a carryover from 2023 which should not have been there on 1040-X Line 18 (overpayment) and that the tax payment already sent to the IRS was not accounted for on Line 16 (Total amount paid on original return). I manually fixed these errors. Once I did this TT showed a refund amount.
3: On the 1040-X lines 1 through 15 column A the original amounts shown (the cover sheet shows what the original return WOULD have been if you did it right the first time. (Would being the operative term here) do not match my original return. The only entries that match (A to C) are line 2 (STD Deduction) and line 13 (EST Tax). I double checked again using my saved PDF. How do I correct the Line 1 - 15 column A entries? Does it matter?
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. I did not get a refund on my first return. On the 1040-X Line 18 is 0, Line 20 is 0 and lines 21 and 22 shows a new refund amount.
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 line 20. I do not have a 1040V form. On the 1040-X Line 20 is 0 (amount you owe), line 21 (amount over paid) and line 22 (refund to you) have the same number (exactly the amount of the tax penalty on Line 38 of the original file)
Thank you for the help.
