Question

Discovered an error in my 2020 return, still awaiting refund. Should I amend now or wait for a letter from the IRS?

Forum|Forum|4 years ago
March 27, 2022
1 reply
0 views

As I was working on my 2021 taxes, I realized that in 2020 I had deducted all of the points for a refinanced mortgage rather than amortizing them. I had filed an extension and e-filed in September 2021 and have not yet received a refund -- presumably because of this error.

Should I go ahead and file an amended return? I'll still get a refund, just a smaller one, so I assume I won't need to write a check for the difference since I have not yet received the refund from the previous filing?

Thanks for any suggestions

TurboTax Home & Biz Windows

M

MoniqueLO_

If your e-filed return is pending, you will not be able to make any changes until it is accepted or rejected by the IRS. After that, you can amend your return. Please see How to amend (change or correct) a return you've already filed for more information.

@rjb-wa

R

rjb-waAuthor

@MoniqueLO_ I believe it was accepted when I e-filed -- at least I got the email from Turbotax that said "Your federal tax return was accepted by the IRS." I just haven't received the refund yet so I assume it was flagged for the error.

If I don't amend it yet, should I file my 2021 return with the correctly amortized points as if I had done it correctly in 2020?

Thanks

DaveF1006

Yes, you can file your 2021 return with the correctly amortized points. As a suggestion, I would contact the IRS here to inquire why you haven't received your income. There may be some deeper issues other than reporting incorrect amortized points.

@rjb-wa

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