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JHo10
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Amended return - refund or net amount due?

Last evening I completed my 1040 with TurboTax and transmitted to our good friends at the IRS!   The calculation indicated that I would be getting a refund.  Then this morning as I went through documents to get them in order, I found one more with interest income that I had not included on the initial return.  After going into the software and making the amendment, I now owe money!  Here's the deal; the initial refund was in the neighborhood of $2000.  The adjustment (amendment) makes the difference between what tax I paid and what tax I owe about $1500.  The amended return is indicating that I need to pay about $3500.  It doesn't add up and I wonder if the system anticipates the IRS processing the refund AND me paying it back with the additional tax due?  Help please!

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2 Replies

Amended return - refund or net amount due?

You should not amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.  

 

How to Amend this year

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

 

You will still get the refund from the first original return or still need to pay the first tax due.  In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.  

 

Then the amended return is only for the difference you get back or owe.  I think the cover sheet shows what the original return WOULD have been if you did it right the first time.

 

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.

 

If you have a tax due, do not send the 1040V.  Just include a check with the 1040X.  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.  Pay the amount on the actual 1040X line 20.

Amended return - refund or net amount due?

So yes.  The original return had a 2,000 refund.  But with the extra interest it should be you owe 1,500?  Then yes you owe the 2,000 back plus the real 1,500 tax due.  They should still send you the 2,000 refund unless the catch it and just it for you.  That's why you should wait to amend to see if you get the first 2,000 refund.

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