Question

Concern About When to File an Amended Return

Forum|Forum|5 years ago
April 7, 2021
1 reply
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I filed 2020 federal and state taxes with Turbotax in early February this year and immediately realized I had made an interest earnings error which would result in me paying federal taxes due plus about $1400.00 extra. I asked a question here and was advised at the time that the best thing to do is file an amendment when the 1040X form becomes available through Turbotax.

My concern now is that while working on my Turbotax amendment form it shows that I'm due a refund of that $1400.00. The problem is that they have not yet withdrawn the original (errant) amount from my bank account. If I file this amendment now, will I be adding to the confusion and possibly causing another problem? Any advice or suggestions will be appreciated. Thanks

G

gloriah5200

IRS generally expects all balance due amounts and refund amounts from the original return are paid before processing the amended return.

If you file the amended return electronically, then IRS will have the option to verify the balance due payment received before issuing the refund amount. If they make an adjustment to it, they will send you a letter of explanation for the changes in processing the amended return.