Hey all,
1) 2015 was the first year I filed the taxes in US. As a reason, I had to use TurboTax to prepare the filing, print it out and mail it. I did NOT e-file it.
2) I now need to amend it to include some additional income. As I had not e-filed it through TurboTax, the .tax file doesn't consider it a filed return. So, opening it in TurboTax 2015 desktop for amendment does NOT automatically add the 1040X form.
3) I switched to 'Forms' option and added the 1040X form manually. I am now filling it up manually 🙂
4) In 2015, I had received a refund, which is what shows up on 1040X tax calculation.
5) What I want to do now it to specify
a) New income leading to increased tax - This is easy. (say $4800 tax in 2015 and 200$ additional tax now for total 5000$)
b) Tax withheld (which is more than the tax) - This is easy. (say 7000$ withheld)
c) Calculated refund but I want to show that I already received it - HOW?? (i.e. I have received 2200$ in 2015)
d) Given that I received my refund, IRS doesn't owe me anything but I owe the additional tax. So the final calculation should reflect this exact additional amount I owe. (which is $200)
How do I do this? The fields available on 1040X in the 'Payments' or 'Refund or Amount you owe' are not adding up correctly. I attached the part of the form I am talking abt.
Thanks in advance for any help! The tax amount is low enough that I'd like to avoid going to a CPA and pay more money in their fees than the tax itself. 🙂
Nilesh
