Question

I Under reported the tax I paid in by mistake. Both Fed and State caught my mistake and gave me the additional refund. Do I need to fix this on my return docs?

Forum|Forum|3 years ago
March 21, 2023
2 replies
0 views

My accountant applied a portion of my last years refund to estimated quarterly payments to IRS and State. I forgot about this and did not include that amount in my return. They both caught the mistake and automatically gave me a larger refund without having to do anything. Can I fix it on my return without amending it? Do I need to? Could it cause any problems when I file next year? Does the amount of tax paid ever from the previous year need to be entered into docs next year when I file? Don't want to have ongoing problems down the road from my mistake.

TurboTax Self Employed Online

G

GeorgeM777

Yes, you can fix your return by making manual entries (handwritten) on your return. If you wish, you can go through the amendment process to add in the missing estimated tax payments; however, don't file the amended return. Just print it out for your records and keep a note that it was amended, but not filed because the taxing authorities caught the error and fixed your return.

No, this error should not cause any issues with your 2023 tax return. The error can be fairly characterized as inadvertent, and it was helpful that the taxing authorities caught the mistake and refunded your money.

Yes, in 2023, any tax withholding, or estimated tax payments you make and drawn from whatever source--such as applying part of your refund to your tax liability--needs to be included on your 2023 tax return. However, the tax you paid or amounts withheld in prior years, for example 2022 or earlier, will not be included on your 2023 return.

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N

nelsnorquistAuthor

If the inaccurate amount paid in will not cause a problem when TurboTax imports any information into next years return then I should be fine. Thanks for your help.

Carl11_2

Employee

What you do, is amend the already filed, accepted and processed return to show the changes. Then, elect the option to "Print and Mail" the return to the IRS. Then actually print it. Of course, you don't need to bother mailing it. But this will ensure that your .tax2022 file is correct, so you import the correct information into your 2023 return next year. You should also file your copy of the amended return with the original return, so you have both should any need arise in the future.