Amended Tax Return for 2019

[Frug21fort]

I discovered I omitted a  form1099 from a broker.  Originally I had a return that I partially credited to 2020 taxes.  The return was $3,000.  I credited  $2,000 to 2020 taxes and got a check for $1,000.  The original tax return was accepted and the check was deposited.  Now because of the error I owe about $500.   It seems to me that then I would either send $500 to the IRS and my credit for my 2020 taxes would stay at $2,000 or my credit for 2020 taxes would be $1,500 and I would send nothing right now with my amended return

The way I complete Turbo Tax it says that I both owe a $500 check and that my return is $1,500.  Could you tell me what I'm doing incorrectly?

On 1040X line 16 - if I am sending $500 should I enter it there?  Turbo tax doesn't show me how to do that unless I simply override the line on the form.

[KathrynG3 · Accepted solution]

You have calculated correctly.

1. Regarding the $2,000 credit toward the 2020 return, yes, it should be reduced by $500. This does not result in a $1,000 payment. It accurately reflects the 2019 tax refund should have been $2,500 in total.

• 2020 overpayment applied $1,000 refunded directly + $1,500 (reduced from $2,000) overpayment applied = $2,500 total 2019 amended refund
• 2019 amended return: reduced by $500: $3,000 refund - $500 payment = $2,500 total 2019 amended refund

2. No, do not add $500 to Line 16. This reports payments already made and received by the IRS. The $500 has not yet been submitted. The $500 should be listed on Line 20.

The amended return can be e-filed. ​​​​​​​ But you will have to wait until Form 1040-X is available. It will take 16 weeks to process on average. 

Click the link for the most recent information about when Form 1040-X will be available