Is it worth filing these 2020 Federal & State amended returns?

[leeleses]

I’m trying to amend my 2020 Federal and State returns because my mortgage company sold my mortgage late in 2020 to another mortgage company.  So I needed to add another 1098 that had the 4th quarter mortgage interest and property taxes on it.  Before I added the 1098 and amended the return, I owed the Federal $79 and I owed New Jersey $211.

Now that I amended the return, it says that I get a Federal refund of zero ($0) and a New Jersey refund of $98.

My question is, does that mean that the Fed owes me $79 back now? And does New Jersey have to give me the $98 and also the $211 that I paid them last year? Or does the $211 just go away and if I file these returns will I just get back $98 only from New Jersey?  And do I want to file the Federal amended return or does this mean that I would get $0 back? Or do I get $79 back if I file this because it was a mistake to owe $79 last year?

Also I hear amended returns can take three months to hear back sometimes?

Sorry! This is the first time I ever had to amend a return And I’m not sure what I’m doing!

[Critter-3 · Accepted solution]

First look at both amended forms  and confirm the amounts ... if you owed on the original returns and are now getting refunds then you have to decide if it is worth the effort to print, ink sign and mail them in since this is optional and not required. 

Look at the fed 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. If you paid nothing already then this line should be zero.

On line 18 should be the amount of your original refund you received.  If you have not received your refund yet then you need to wait for it.  If the refund changes from what you expected then this line must reflect that change.

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

[leeleses]

Thanks VERY much Critter!

I didn't know there would be a column A and B, makes perfect sense!

I checked columns A and B on the Federal and the State return - everything seems correct.

On the Federal return, 16 says $79, 18 says $0, and 20 is blank.

It looks like I should send ONLY the State return in, with the least expensive postal option!