Question

After filing my return online I realized I entered the same 1099-B twice which resulted in income being overstated

Forum|Forum|4 years ago
April 1, 2022
1 reply
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The IRS is expecting me to send them the form 1040-V with a check for the amount shown on my return should I do this and then file an amended return to get the over payment back or is there another way to fix this?

TurboTax Online

A

AnnetteB6

As long as your return has been accepted by the IRS as it was originally filed, you can go ahead and amend your return to make the correction. Since you have overstated your income, the amended return should result in a smaller balance due amount.

As you complete the amended return, one of the questions will ask if you have already paid the original balance due amount. When you indicate that it has not been paid, you should have a different Form 1099-V printed for the amended return. Then, you will just pay the lower amount that matches the amended return.

Completing this process and paying the amended balance due amount before April 18th will not incur any penalties or interest.

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