(edited with additional information prompted by ![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
teaotter's comment)
Has anyone in the studio audience ever filed an amended tax return where you discovered you owed additional tax for the year, but your original overpayment for that year was enough to cover this additional amount (i.e., had you filed it originally with this new information, you would not have a balance due, but merely a smaller overpayment)? I elected to have the overpayment applied to this year's estimated tax, so I did not receive a refund.
I'm having trouble with the fact that the 1040X instructions explicitly acknowledge this case in the introduction to the section for Refund or Amount You Owe ("If the results show that you owe, it is because you don’t have enough additional withholding [I do] or because filing your original return with the information you have now would have resulted in a smaller overpayment or a balance due"), but the specific instructions for line 20 (Amount you owe, i.e. the difference between my revised calculation of tax liability and what was originally reported) don't address it. There's a line to enter the original overpayment (line 18), but not one to subtract the new, additional amount owed from that (to prove that you already paid enough). The instructions for the line list a whole bunch of ways to pay, but nothing like "If the amount on line 20 is less than line 18, you do not need to send a payment." I guess they assume you took it as a refund and thus now would owe money back, but I didn't do that. Halp?
teaotter's comment)Has anyone in the studio audience ever filed an amended tax return where you discovered you owed additional tax for the year, but your original overpayment for that year was enough to cover this additional amount (i.e., had you filed it originally with this new information, you would not have a balance due, but merely a smaller overpayment)? I elected to have the overpayment applied to this year's estimated tax, so I did not receive a refund.
I'm having trouble with the fact that the 1040X instructions explicitly acknowledge this case in the introduction to the section for Refund or Amount You Owe ("If the results show that you owe, it is because you don’t have enough additional withholding [I do] or because filing your original return with the information you have now would have resulted in a smaller overpayment or a balance due"), but the specific instructions for line 20 (Amount you owe, i.e. the difference between my revised calculation of tax liability and what was originally reported) don't address it. There's a line to enter the original overpayment (line 18), but not one to subtract the new, additional amount owed from that (to prove that you already paid enough). The instructions for the line list a whole bunch of ways to pay, but nothing like "If the amount on line 20 is less than line 18, you do not need to send a payment." I guess they assume you took it as a refund and thus now would owe money back, but I didn't do that. Halp?
no subject
Date: Jul. 17th, 2018 09:51 pm (UTC)From:The 1040-X assumes that the IRS has already started (or finished) processing your original tax form and therefore will be providing (or already has provided) the overpayment from that tax form to you as a refund.
no subject
Date: Jul. 17th, 2018 10:31 pm (UTC)From:ETA: Is it maybe the case that the amount to carry over can't be changed retroactively, but in a sense is "gone", so now since (new tax amount) + (that locked-in carryover) > (what was withheld), I have to make up the difference - but in turn, would retain the original carryover on 2018's return rather than reducing it?
no subject
Date: Jul. 18th, 2018 01:53 am (UTC)From:So you'll need to pay the additional amount when you file the 1040-X, and your 2018 carryover will be what you designated on the original return.
no subject
Date: Jul. 18th, 2018 02:16 am (UTC)From:no subject
Date: Jul. 19th, 2018 07:33 am (UTC)From: