After filing my 2017 return I found that I had omitted a mortgage deduction which required an amended return which I completed and filed in late April and which was accepted by the IRS and for which I received a refund check.
Recently I received an updated tax package from my brokerage which revises reported investment income in 2017 showing a decrease in my 1099-div and 1099-b totaling approx -$1500.00. I have tried to do this by choosing to amend the 1040x file and downloading the new brokerage info but when I do the new amended return indicated that I owe additional tax rather than a additional refund. What am I doing wrong?
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1 Best answerDo not try to download the broker's statement again . that is probably your problem as it is adding income not making corrections. Hopefully you have not closed that return yet . so if you didn't close the return and choose to NOT NOT NOT save the return . this way the return will be back to normal when you reopen it.
Next save the first amended return with a new file name . add something like "first amended return" to the name file.
Then open the file again and save it immediately with another new file name . add "second amended return" to that name so you can keep them separate.
Now you can start the second amended return . open the second amendment file and this time make the changes manually . do NOT try to import them. When you are done review the return carefully before you save it . only save it when you are sure it is correct.
Column A should have the figures from the first amended return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.
If you completed it correctly you will see an entry on either line 16 OR 18:
On line 16 should be the amount you paid with your original return. If you paid nothing already then this line should be zero.
On line 18 should be the amount of your original refund you received. If you have not received your refund yet then you need to wait for it. If the refund changes from what you expected then this line must reflect that change.
Then you will see your extra refund on line 22 OR the new balance due you need to pay on line 20.
