my 2019 tax return I had a refund, On 2020 I had to pay $3000. On 2021 we had a refund. Looking back on 2020 we missed a 1098T for college tuition expenses and 1098E for fed loan interest. After making the ammend corrections it shows a refund of $2500 but it requires to pay additional $570 to process the amend. Is this seem correct? Why we have to pay additional and even more than the original filing process if I am expecting a refund ?
Thanks
TGC
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Oh you said you paid $3,000 originally. Now you get 2500 back. So that leaves $500. Did it print out a 1040V for it?
Go by the actual 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund. If you paid on your original return it will be on line 16. If there is an amount owed with the amendment, it will be on line 20.
Ignore the 1040V. That is for the original return or what the original return would have been if it didn’t need correcting. Don’t pay the amount on the 1040V.
That's weird. You need to use the Desktop download program to amend a prior return. It should not cost anything. Nothing should be that much. $570 to Turbo Tax or the IRS or state? Are you using these steps?
How to Amend a prior year..
Oh you said you paid $3,000 originally. Now you get 2500 back. So that leaves $500. Did it print out a 1040V for it?
Go by the actual 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund. If you paid on your original return it will be on line 16. If there is an amount owed with the amendment, it will be on line 20.
Ignore the 1040V. That is for the original return or what the original return would have been if it didn’t need correcting. Don’t pay the amount on the 1040V.
Yes, I downloaded a desktop version and open the tax file, did the corrections. The Final result was that refund. But the print instructions has a check to include $570 pay due to send to the IRS. Includes a form 1040-V Boucher for that amount to send to specific IRS based on my state. Is this correct ?
Ignore the 1040V. Do not pay the 570. Read my post above again.
Now this makes sense. that 1040-V boucher be the difference on the original taxes due and the now new calculated refund. Thanks so much for the very FAST and GREAT response.
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