I recently filed my 2024 CA tax return with a big mistake that incorrectly increased my refund by several thousand dollars. For purposes of using whole numbers, let's say I thought my refund was $5000 when I filed, but my actual refund should only be $1000.
When should I file this amended return? I know most people say wait until your tax return finishes processing until you file the amended return - and I totally agree with that. Ideally, I would either like to wait to receive the $5000 and file my amended return with a $4000 payment OR let them catch it, have it rejected, and file an amended return with a refund claim of $1000.
However, I'm particularly concerned about long processing times on my original return, which would essentially force me to pay $4000 out-of-pocket with the amended return if I don't receive my $5000 refund by April 15 if I want to avoid penalties. Therefore, I'm not sure which is the best course of action. Thank you!
