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.
