topic Different amounts owed + quarterly payments after amending return in Get your taxes done using TurboTax

Different amounts owed + quarterly payments after amending return

natalieerachel — Wed, 31 Mar 2021 21:26:54 GMT

I received a 1099-Misc form last week after I had already filed, so I amended the return today and noticed several different numbers when I compared my tax return documents:

The previous return stated that:

• I owed $2,271 (which I have already paid)

• estimated quarterly payments for 2021 are $1,094

After amending my return with the 1099-Misc (a small sum of about $1,100), my amended return says:

• I will receive a refund of $1,092

• estimated quarterly tax payments for 2021 are $295

• includes a Form 1040-V payment voucher that says to pay $1,179 for 2020.

All that to say, I am very confused about why the numbers are so different. Which amount do I pay for my quarterly payment? And am I supposed to pay the Form 1040-V? I wasn't given the option to pay that amount when I e-filed.

Re: Different amounts owed + quarterly payments after amending return

npierson7 — Wed, 31 Mar 2021 21:38:54 GMT

No, you don't need to pay $1,179. You would have to pay if you didn't pay your balance due yet. Since you did pay that, you will receive refund $ 1,092. And your new estimated payments are lower, however the estimated payments are not always accurate; you can do estimate payments based on pervious calculation to avoid having balance due in 2021.

Re: Different amounts owed + quarterly payments after amending return

natalieerachel — Wed, 31 Mar 2021 22:36:18 GMT

Thank you so much!