Question

Amended return reduced amount owed

Forum|Forum|5 years ago
April 13, 2021
1 reply
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Last month I filed and owed $1k. So I scheduled the payment and moved on. But then a week or so back I found I’d missed something and amended. Now I owe $500. However the scheduled payment of $1k already came out.

On top of this my lower AGI qualifies for more stimulus (from v3).

Do I need to contact the IRS about the overpayment or how I’m now qualified for more stimulus?

ColeenD3

You have already notified them by amending your return. That is the purpose of the form, to make corrections and notify the IRS how your return should have looked if you had originally included all the information.

Critter-3

Look at the 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 are eligible for more of the first 2 stimulus payments then that will be captured on the amended return ... look at the new

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.

NOW ... will the IRS catch the change and send you more of the third stimulus payment ... not at all likely. To get missing stimulus money from the third round you will need to apply for the credit on the 2021 return.