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October 2, 2024
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Amending Return with Overpayment Applied to 2024

  • October 2, 2024
  • 2 replies
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I'm trying to amend my return, and not sure what I should be doing. Let's say I filed my return and had a $2,000 refund. I applied that to next year's tax return. I received a late 1099-INT. I amended my return and now my refund is $1,000. When I do the amendment through Turbotax, it's saying I owe $1,000 and need to mail a check. That's understandable if the IRS is supposed to pay me the $2,000, but I applied it to my next years return.

 

After doing the amendment through Turbotax and I download the PDF, that PDF contains a 1040-X return as well as another 1040. 1040-X shows the original $2,000 overpayment/refund and now I owe $1,000. It's followed by a new 1040 that shows $1,000 overpayment and $0 owed/due to me. 

 

Should I be mailing in the $1,000? Or I shouldn't as the new $1,000 overpayment will be included on my next years return when doing it through Turbotax. Thanks in advance for any input you can share.

Best answer by Mike9241

you owe $1,000 since either the original overpayment would have been refunded or in your case applied to 2024 and thus not available to use against 2023 taxes. Can that be changed? Don't know. You would have to call the IRS. Warning if you needed that $2K to use as part of your 2024 estimates and get it applied to 2023, then you may be short on your 2024 estimate payments starting with the first quarter.  

Call 800-829-1040 1) Choose your language, 2) Then choose option 2 3) Then 1 4) Then 3 5) Then 2 6) When it asks you to enter your SSN or EIN do nothing – wait - - After it asks twice, you will get another menu 7) Then 2 😎 Then 3 It should then transfer you to an agent. Note when its phone line are busy you may be on hold for a long while or disconnecte 

2 replies

Employee
October 2, 2024
No text available
Mike9241Answer
October 2, 2024

you owe $1,000 since either the original overpayment would have been refunded or in your case applied to 2024 and thus not available to use against 2023 taxes. Can that be changed? Don't know. You would have to call the IRS. Warning if you needed that $2K to use as part of your 2024 estimates and get it applied to 2023, then you may be short on your 2024 estimate payments starting with the first quarter.  

Call 800-829-1040 1) Choose your language, 2) Then choose option 2 3) Then 1 4) Then 3 5) Then 2 6) When it asks you to enter your SSN or EIN do nothing – wait - - After it asks twice, you will get another menu 7) Then 2 😎 Then 3 It should then transfer you to an agent. Note when its phone line are busy you may be on hold for a long while or disconnecte 

fanfare
Employee
October 3, 2024

The amount you applied to next year is equivalent to a first estimated tax payment.

The amount you applied to next year has no bearing on Form 1040-X.

 

@CurtisStevens