Amended Taxes and Payment

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emperorcorey
Posts: 13
Joined: Thu May 03, 2012 12:51 pm

Amended Taxes and Payment

Post by emperorcorey » Tue Apr 01, 2014 11:20 am

My wife and I filed a joint 2013 tax return in February. We received a refund for ~$1000.

I later found that we would have been much better off filing separate returns despite the increased tax liability. After completing the amended returns, I now owe ~$200, and my wife is due a refund of ~$400.

So here's my question: what should my payment to the treasury look like in this situation? For example, do I write two checks - one to pay back my previous refund of $1000 and one for $200? Or one check for $1,200? Or one check for $200 and wait for the IRS to bill me? The list of possible combinations goes on and on.

Amended returns can several months to process and I want to avoid penalties and interest. I have found little guidance on this issue. Many thanks in advance.

pshonore
Posts: 5739
Joined: Sun Jun 28, 2009 2:21 pm

Re: Amended Taxes and Payment

Post by pshonore » Tue Apr 01, 2014 12:21 pm

You better hurry up. You have two weeks.

From page 22 of Pub 17.

Separate Returns After Joint Return - Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Amended Taxes and Payment

Post by sscritic » Tue Apr 01, 2014 12:37 pm

Do you own a phone? A speaker phone would be best given the likely volume of calls this time of year.

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damjam
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Joined: Thu Mar 25, 2010 7:46 am

Re: Amended Taxes and Payment

Post by damjam » Tue Apr 01, 2014 1:02 pm

If you follow the 1040X you will see that it takes into account any payment or refund made with the original return. (lines 15 & 17)
You received the refund, and now pay accordingly.
I would not wait for the IRS to bill me.
pshonore is correct, you need to file by April 15.

emperorcorey
Posts: 13
Joined: Thu May 03, 2012 12:51 pm

Re: Amended Taxes and Payment

Post by emperorcorey » Tue Apr 01, 2014 1:28 pm

sscritic wrote:Do you own a phone? A speaker phone would be best given the likely volume of calls this time of year.


A phone? No, sorry, never heard of it. It sounds very helpful and I'm sure if I had one I would have tried that by now.

damjam wrote:If you follow the 1040X you will see that it takes into account any payment or refund made with the original return. (lines 15 & 17)


:oops: :oops: Duh. This is the answer I needed. Thank you.

earlyout
Posts: 1314
Joined: Tue Feb 20, 2007 5:24 pm

Re: Amended Taxes and Payment

Post by earlyout » Tue Apr 01, 2014 3:03 pm

But you still have to decide if you include the original refund on your amended return or on your wife's amended return. Or do you split it between the two returns?
Speaker phones are not expensive.

emperorcorey
Posts: 13
Joined: Thu May 03, 2012 12:51 pm

Re: Amended Taxes and Payment

Post by emperorcorey » Tue Apr 01, 2014 3:14 pm

earlyout wrote:But you still have to decide if you include the original refund on your amended return or on your wife's amended return. Or do you split it between the two returns?
Speaker phones are not expensive.


Wow, it seems my life would be so much easier if I had heard of these phone-thingys sooner! I wonder if the IRS is willing to give advice on tax rules and regulations over the phone? Could you please use your phone doohickey to find out? Thanks and good luck!

In any event, I decided to split the prior refund and added an explanation on the 1040x.

placeholder
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Joined: Tue Aug 06, 2013 12:43 pm

Re: Amended Taxes and Payment

Post by placeholder » Wed Apr 02, 2014 9:56 am

So you'd rather risk doing it incorrectly rather than call (and be snarky about it in the process)?

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Amended Taxes and Payment

Post by sscritic » Wed Apr 02, 2014 11:04 am

placeholder wrote:So you'd rather risk doing it incorrectly rather than call (and be snarky about it in the process)?

When I went to school, I had teachers who talked to us. The OP's preferred method of learning is reading, not listening. Of course, given his track record, you have to wonder. It was reading that got him to file jointly when he really should have filed separately, and it was reading that completely baffled him as to how to handle the refund even though he ostensibly read the form and the instructions.

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