No. What is happening is you will still be paid the original $3,040 refund, but will owe $1,112 back to the IRS. The refund meter only shows the differences in the changes between the original and the amendment. So, your net refund would be a little under $2,000.
It is still a large change but it is possible. Depending on your income and dependents, that extra $3400 could have caused you to lose a big chunk of a credit such as the earned income credit in addition to the tax on the income. Or, if it was self-employment income, then you would also be paying 15% self-employment tax in addition to income tax. Or, if you have a high income and are in one of the higher tax brackets, then you tax liability would be about 33%.
You will need to print out the amended return to mail to the IRS, so hopefully you also printed or saved a copy of your original return and you can compare and see if one of the above scenarios looks correct.
