Submitted too high estimated tax payment

[ps123]

Hello,

I submitted my return but afterwards realized that the "estimated tax payment" in it is too high.

The reason is that Turbo tax automatically added the tax "amount applied from 2021 return", e.g. the amount which I decided not to get refunded last year, and I entered this amount as a "2022 estimated tax payment" as I was not aware turbo tax adds it automatically.

What is the best way to rectify this? Should I amend my return through turbotax with an exlanantion and  sent money to the IRS? My return already got accepted and it says that I will get a refund in the next days.

[Carl]

First, just wait. (I can't stress this enough.)  Once your originally submitted and accepted return is processed and your refund is issued, then you'll "know" what to do.

There's a fair chance the IRS will catch the error, correct your return on their end and then issue the appropriate tax refund or bill you for any amount due. Basically, you will get a form letter in the mail from the IRS. The letter will have a form number in the top left or right corner that begins with "CP" or "LTR".

If the IRS issues your refund as originally filed with no corrections by them (could happen, but I doubt it) then you'll amend your tax return to correct it and file that amended return with the IRS. You'll also have to pay the IRS any excess they may have refunded to you.

If the IRS does catch the error and corrects it on your behalf, then you'll amend your return *WITHOUT* submitting the amended return to the IRS, just for the sole purpose of insuring what gets imported into next year's return is correct. Depending on a number of factors, this may or may not be necessary.

[ps123]

@CarlThank you! That is super helpful!! Just to make sure there is no risk in not amending my return?

The turbotax expert I talked to on the phone advised me to immediately amend my return, but also did not seem to confident.

Thanks again for your help!

[fanfare]

IRS computers know exactly what "estimated tax' payments you made, so IRS should correct your mistake for you.

@ps123 

[ps123]

@fanfareThank you!

[Carl]

The turbotax expert I talked to on the phone advised me to immediately amend my return, but also did not seem to confident.

If you submit an amended return "and" the IRS corrects your original return for you, then you *will* have issues with e-filing your 2023 return next year. Just wait it out.