When do I file my 1040X?
April 18, 2011 8:46 PM
I just realized I made a mistake on my NJ state income tax return *after* I e-filed it with TurboTax. The mistake turns my refund into a payment. Should I wait until the incorrect refund clears and then file a 1040X, or just file the 1040X immediately?
I work in NYC, but live in NJ. Within TurboTax, I mistakenly marked one of my W2s as NJ tax withheld when it should've been NY withheld. This screwed up my NJ 1040 and gave me a refund.
After correcting it in TurboTax, I end up actually owing a little bit instead of getting a refund. Should I wait for the false refund to clear before filing a 1040X? Moreover, do I include the incorrect refund as part of my payment?
I work in NYC, but live in NJ. Within TurboTax, I mistakenly marked one of my W2s as NJ tax withheld when it should've been NY withheld. This screwed up my NJ 1040 and gave me a refund.
After correcting it in TurboTax, I end up actually owing a little bit instead of getting a refund. Should I wait for the false refund to clear before filing a 1040X? Moreover, do I include the incorrect refund as part of my payment?
You would want to get the check in the mail asap because it will start accruing interests and possible penalties.
posted by metahawk at 12:21 AM on April 19, 2011
posted by metahawk at 12:21 AM on April 19, 2011
Just send in the correction with your check. It'll sort itself out eventually, but you want to get as early a postmark as you can.
posted by valkyryn at 5:08 AM on April 19, 2011
posted by valkyryn at 5:08 AM on April 19, 2011
I would include payment + incorrect refund if you can swing it financially so that in the worst case scenario the government still owes you. Penalties + interest are not nice.
posted by zug at 7:42 AM on April 19, 2011
posted by zug at 7:42 AM on April 19, 2011
You can probably include a note along with your 1040X explaining what you've done so it's transparent.
posted by zug at 7:43 AM on April 19, 2011
posted by zug at 7:43 AM on April 19, 2011
The sooner the better.
posted by jeffamaphone at 9:57 AM on April 19, 2011
posted by jeffamaphone at 9:57 AM on April 19, 2011
File a 1040X with the check (you're probably too late to avoid penalties now). I did the same thing -- I pulled the trigger too fast on my TurboTax e-filing, and I just corrected it, had it print out the 1040X (along with the appropriate state amendment), sent in the check, and no worries.
posted by babbageboole at 1:07 PM on April 19, 2011
posted by babbageboole at 1:07 PM on April 19, 2011
Thanks for all the help. I didn't realize TurboTax created the 1040X for you.
posted by fennokin at 7:52 AM on April 20, 2011
posted by fennokin at 7:52 AM on April 20, 2011
This thread is closed to new comments.
Regardless of processing time, your 1040X won't change the refund – it's a separate proces, not an amendment to an existing one. I've had to file 1040X twice.
posted by halogen at 11:33 PM on April 18, 2011