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Already filed, getting a refund, now I need to amend and pay

rvhatcher — Tue, 31 Mar 2020 14:10:26 GMT

I filed electronically two weeks ago. Yesterday I got a K-1 for an inheritance for an estate. I had forgotten all about it and it complicates things.

When I filed I was to get a $2,000 refund. I have not received it yet. Now with the amended return I owe $5,000. How should I handle it? It seems I can:

File the amended return and pay the $5,000 and let them ask for the $2,000
I can pay $7,000 in anticipation of getting my refund soon.
Wait until after I get the refund.

What do you pros suggest?

Re: Already filed, getting a refund, now I need to amend and pay

JohnW222 — Tue, 31 Mar 2020 14:31:41 GMT

You should wait to file your amended return until you get any refund you may have coming from your original return. Even if your original return has been accepted by the IRS, it's still possible that the IRS could change your refund or balance due on that return.

Please see the TurboTax Help article "How to amend (change or correct) a return you already filed" for instruction on how to amend your previously-filed tax return.

Re: Already filed, getting a refund, now I need to amend and pay

robtm — Tue, 31 Mar 2020 14:33:30 GMT

It seems to me the easiest way would be #3, wait until you get the refund, then do an amended return and pay the $5000. With the filing extension being until Jul 15, this shouldn't be any problem this year. The other options seem rather complicated.

Re: Already filed, getting a refund, now I need to amend and pay

Critter — Tue, 31 Mar 2020 14:35:14 GMT

WAIT until you have the original refund in hand before you mail in the amended return ....

Look at the form 1040X …

Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.

If you completed it correctly you will see an entry on either line 16 OR 18:

On line 16 should be the amount you paid with your original return.

On line 18 should be the amount of your original refund you received.

Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.