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2021 amended return - two questions

Correcting the mistaken Schedule E purchase price of a residential property. Observations and questions:

1 - The purchase price correction [though significant] does not change the total tax owed or the [small] refund. This is expected.

2 - Depreciation and carry forward amounts are updated. Also as expected.

3 - BUT..  TT 2021 generates the amended return forms where the previous refund [I already got], shows up again as a refund IRS owes me.

This is not expected. The amended return should show no taxes owed and no refund.

What am I doing wrong, what am I missing and how do I correct this ?

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2 Replies

2021 amended return - two questions

Apologies to the forum for wasting your time. I should have looked carefully. TT creates form 1040-X where the total impact [i.e. no change in tax due and no refund expected] is listed correctly.

 

That, however, raises the obvious question. Should I even file such an amended return with no 2021 impact to IRS? Should I simply adjust [= override the previously calculated] the 2022 carry forwards and leave it at that?

PatriciaV
Expert Alumni

2021 amended return - two questions

If the amended return results in no change in taxable income or tax liability, you are not required to file the return.

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