Amended tax return refund

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Tom_T
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Amended tax return refund

Post by Tom_T »

Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
London
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Re: Amended tax return refund

Post by London »

Yes, and would likely pay interest as well.
MarkNYC
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Re: Amended tax return refund

Post by MarkNYC »

Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Topic Author
Tom_T
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Re: Amended tax return refund

Post by Tom_T »

MarkNYC wrote: Tue Apr 02, 2024 12:12 pm
Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Let me clarify: the amended return form compares the old return to the new. The new tax return, in a vacuum, shows a 300 overpayment, but that's not where it ends. The form takes into account that I paid them 400 on the old return, and there is a separate line to net all of that out. Therefore, they not only owe me 300 for the new return, they owe me the 400 I paid on last year's return.
MarkNYC
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Re: Amended tax return refund

Post by MarkNYC »

Tom_T wrote: Tue Apr 02, 2024 12:58 pm
MarkNYC wrote: Tue Apr 02, 2024 12:12 pm
Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Let me clarify: the amended return form compares the old return to the new. The new tax return, in a vacuum, shows a 300 overpayment, but that's not where it ends. The form takes into account that I paid them 400 on the old return, and there is a separate line to net all of that out. Therefore, they not only owe me 300 for the new return, they owe me the 400 I paid on last year's return.
If your state amended return reduced your total state tax by $700 and the amended return shows a refund of $300, then the amended return is not prepared correctly to reflect the $400 paid with the original return.
jebmke
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Re: Amended tax return refund

Post by jebmke »

MarkNYC wrote: Tue Apr 02, 2024 1:27 pm
Tom_T wrote: Tue Apr 02, 2024 12:58 pm
MarkNYC wrote: Tue Apr 02, 2024 12:12 pm
Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Let me clarify: the amended return form compares the old return to the new. The new tax return, in a vacuum, shows a 300 overpayment, but that's not where it ends. The form takes into account that I paid them 400 on the old return, and there is a separate line to net all of that out. Therefore, they not only owe me 300 for the new return, they owe me the 400 I paid on last year's return.
If your state amended return reduced your total state tax by $700 and the amended return shows a refund of $300, then the amended return is not prepared correctly to reflect the $400 paid with the original return.
Right, the amendment being prepared needs to be based on the return that the state has as adjusted by them which may not be the one that was submitted by the taxpayer.
When you discover that you are riding a dead horse, the best strategy is to dismount.
toddthebod
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Re: Amended tax return refund

Post by toddthebod »

Tom_T wrote: Tue Apr 02, 2024 12:58 pm
MarkNYC wrote: Tue Apr 02, 2024 12:12 pm
Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Let me clarify: the amended return form compares the old return to the new. The new tax return, in a vacuum, shows a 300 overpayment, but that's not where it ends. The form takes into account that I paid them 400 on the old return, and there is a separate line to net all of that out. Therefore, they not only owe me 300 for the new return, they owe me the 400 I paid on last year's return.
What value is on line 21 of form 1040-X?
MarkNYC
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Joined: Mon May 05, 2008 7:58 pm

Re: Amended tax return refund

Post by MarkNYC »

toddthebod wrote: Tue Apr 02, 2024 2:20 pm

What value is on line 21 of form 1040-X?
It's a state amended return. As often happens with state tax questions, the actual state was not identified.
Topic Author
Tom_T
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Joined: Wed Aug 29, 2007 2:33 pm

Re: Amended tax return refund

Post by Tom_T »

MarkNYC wrote: Tue Apr 02, 2024 1:27 pm
Tom_T wrote: Tue Apr 02, 2024 12:58 pm
MarkNYC wrote: Tue Apr 02, 2024 12:12 pm
Tom_T wrote: Tue Apr 02, 2024 8:33 am Question about amending a state tax return for a prior year...

If I owed and paid, for example, 400 on the prior return, and the amended return now shows a 300 refund, how would the state process that? Would they refund 700?
If the amended return is prepared correctly and shows a $300 refund, then you should receive $300, not $700.
Let me clarify: the amended return form compares the old return to the new. The new tax return, in a vacuum, shows a 300 overpayment, but that's not where it ends. The form takes into account that I paid them 400 on the old return, and there is a separate line to net all of that out. Therefore, they not only owe me 300 for the new return, they owe me the 400 I paid on last year's return.
If your state amended return reduced your total state tax by $700 and the amended return shows a refund of $300, then the amended return is not prepared correctly to reflect the $400 paid with the original return.
I should not have referred to the 300 as a refund in my initial post. It's only the initial over/underpayment on the revised form based on the new information. The form then has additional lines to show what you paid or got back on the old return, followed by the net result of the amended filing. Last year's 400 appears on the additional line, so the bottom line "amount to be refunded" is finally calculated as 700.

P.S. This is a NY amended return form.
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