Sent $4000 payment to IRS - however I made an error (now the IRS owes me a $300 refund). Can I stop payment on my check?

[joytax703]

YIKES!! 

I filed my return in the nick of time to the USPS earlier today. The latest Post Office in ALL of Connecticut closed at 530! Honestly, why bother with a 11:59 pm deadline?!

Anyway, I digress.  --- because I would have caught the error if I had that extra few hours to re-review my return before I filed it  ... or maybe I should just get my taxes done before April 15th : )

So .... I e-filed and then mailed at the USPS, my 1040V with payment of $4000. When I was preparing my return, I kept seeing this number (4783) of extra taxes on one of the forms and was wondering what it was. I double checked everything (or so I thought). We also heard alot of people were owing taxes this year, and considering the new tax laws, it seemed reasonable that we would owe (even if we usually got a 1k refund). So needless to say, I didn't think too much of it. 

So later this evening, I thought well, let me look into that and double check a few things.... low and behold, I found my error (entered a w2 box 12 item as unpaid ss tax instead of 401k contribution  .... Holy COW, I'll never make this mistake again!)

 ===>  So that brings me to my question. 

From what I understand, since my return was filed (and accepted, ... it was rejected last year, why couldn't that have happened this year?), ...then I cannot revise it, but have to wait until the IRS "processes it" in order to file an amendment. .... So I was wondering, won't it take the IRS like 6 months or more to return my money, or maybe they even mess things up and never return my money???

So, here's the other kicker ... in my mad rush, I didn't realize (or forgot, who can remember what they did yesterday, much less a year ago?!), forgot to include the W2 which actually would make it an easy catch by the IRS. So now I think I have to wait for them to mail the request for the W2, then I reply, .... and so on and so on .... meanwhile they have my $4000 hijakcked!

.... SO, CAN (and should) I PUT A STOP PAYMENT on my check?

[AnnetteB · Accepted solution]

No, you should not put a stop payment on the check.  As your return stands right now, the IRS expects that payment and stopping the payment may complicate things further.

Since you electronically filed your return and it was accepted by the IRS, you can amend it now.  Also, there was no need to mail a copy of the W-2 with your payment since the return was filed electronically. 

See the instructions below to learn how to amend your return.

https://ttlc.intuit.com/replies/7276605

[joydionne3]

Thank you for your quick reply. I thought I read somewhere that you can't file an extension until the IRS "processes" your claim, which is something like 3 weeks after you file.

Also, I beleive the instructions that printed with the payment page for IRS 1040 said to attach the w2.

I beleive they will need the physical w2 since that is where I made he error?  ... or do they have it already from the employer, independent of any thing I input on TTax or send in the mail?

[AnnetteB]

You would be filing an amendment, not an extension.  If you are amending a return and expecting a refund from the IRS, it is usually best to wait for the refund before filing an amended return.  You can certainly wait to mail your amended return after your check has been cashed if you prefer.  

The instructions would not have required you to send a W-2 with the payment, only the voucher that printed with your return.  Electronically filed returns do not require W-2s to be mailed.

You can send a copy of the W-2 with your amended return, but it will not be required then either.  The IRS will have the electronic version from your employer.  

[joydionne3]

Sorry, yes, I meant to say "amendment", not extension.

I'm expecting a refund, but only after I amend the return. The original return I sent said that I owed $4000, so that's what I sent a check for.

Do I have to wait for the IRS to get my 4k back? Will their system cross check what I entered and the w2 from the employer and then recalc my return and not cash my check?

When can I find the amendment, do I need to wait for an answer from the IRS about this/the original return first?

Thank you!

[AnnetteB]

I would not wait for the IRS to discover and correct your error.  It would be better for you to file the amended return to correct the error.  There is no guarantee that the IRS processing would detect and correct the error.  That is why it is best that you point it out and fix it yourself by amending your return.

[joydionne3]

Ok, so I can amend it right now? I don't need to wait for the IRS to process it?

The reason I ask is,
From a customer post in this forum, under "amend my tax return for this year" by jester6453, this is in the answer,

" If the IRS accepts your return, however, then you have to **wait longer until it has been fully processed** and you have received your refund.  THEN you can prepare an amended tax return and mail it in."

[AnnetteB]

It is usually best to wait for your refund if expecting one.  You are not expecting one, so go ahead and amend.  You can wait until the check that you wrote to the IRS clears before you mail the amended return.  That would indicate they have processed your original return.  That way they are only processing one thing at a time for you.

[joydionne3]

That clears everything up for me! Thank you so much for your help! I'd give you 3 thumbs up if I could : )

[AnnetteB]

You're welcome!