Question

Rebate...Amended.. Now I owe. Does this include the "rebate"?

Forum|Forum|4 years ago
April 1, 2022
3 replies
0 views

I finished my taxes. Thought I had it all right. Then a 1099 NEC that was lost in the mail came. I need to refile an amendment because my calculations were wrong. I originally was getting a refund. Now I owe. On the state section it asked if I received the original refund. I said no and the amount owed to the State dropped. Do I need to do the same for Federal? Are the saying I owe (the refund amount I havent yet received) and the new amount that I owe? Thanks!!

TurboTax Home & Biz Windows

fanfare

Employee

Turbotax and Form 1040-X assumes you got, or will get, the refund you asked for on Form 1040, unless you change it.

Look at it that way.

See 1040-X line 18.

G

GeorgeM777

No, just complete your amended return Form 1040-X and respond to the questions regarding the items you need to amend. Typically, when you begin to amend a previously filed, accepted return (TurboTax recommends that taxpayers wait to amend until receipt of the IRS acceptance notice), the refund/tax due amount will reset to zero. This is normal. Because it appears you are adding more income, your refund amount may likely be reduced; however, you may also be adding expenses for the work you performed (assuming you are self-employed) and therefore, your refund amount may not change in any significant way, and if the expenses produce a business loss, your refund amount may increase.

@BellaButterflyDrago...

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

B

BellaButterflyDragonflyAuthor

Looks like I made a mistake with our taxes. This is our first year paying independent contractors. I made sure to send out 1099 nec for them but I also included the amount I paid to myself on a 1099 Nec form. I think now I should not have done that since that money plus some is being calculated on a 1099 nec for that was given to us from the company who paid us. I hope that makes sense. How do I go about changing this?

Z

ZoltanB45

You paid yourself and recorded it as a 1099. Then included that in the 1096. Keep it the way it is. Record the 1096 amount as the business expense, but then you need to enter the 1099 you received on your personal return.