Amended Tax Return via TT

[marko]

Already filed my brother's tax return a month ago. He owes money due to be paid April 17.

Today he got a K1 (with a small loss...~$400)

According to TT, "Before filing an amended return, make sure the IRS has already processed the tax return you need to amend. That way, it will be less likely that the IRS will get your original return and amended return mixed up."

So how do I know if they processed it? It's small loss, so would I be better to wait and file the amended return next year or file the amended return now?

What is the best way to do this?

 

[SecondCor521]

If he was due a refund, you can tell that the IRS has processed the return if he has received the refund.

If he had a balance owing, I'd try logging on to IRS.gov and seeing if he can tell by looking at his tax transcript for this year.

 

[marko]

If he had a balance owing, I'd try logging on to IRS.gov and seeing if he can tell by looking at his tax transcript for this year.

I assume that one would enter their SS and the "tax transcript" (this is new to me) you can see if his return has been processed? Why not just wait 6 months and be sure?

What would the transcript tell me?

 

[SecondCor521]

I assume that one would enter their SS and the "tax transcript" (this is new to me) you can see if his return has been processed? Why not just wait 6 months and be sure?

What would the transcript tell me?

You can read about transcripts here:

https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them

If you're not in a hurry, sure, you could wait six months. It's not 100% guaranteed that the original return would be processed in that period of time, but it's almost certain.

 

[marko]

You can read about transcripts here:

https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them

If you're not in a hurry, sure, you could wait six months. It's not 100% guaranteed that the original return would be processed in that period of time, but it's almost certain.

Thanks. I suppose if there is a transcript for 2022, that means it's been processed. I'll check it out.

 

[cathy63]

I assume that one would enter their SS and the "tax transcript" (this is new to me) you can see if his return has been processed? Why not just wait 6 months and be sure?

What would the transcript tell me?

No need for a transcript if you have an IRS online account. Just login and there will be a message is right near the top of the home screen telling you that "your 2022 tax return is (or is not) processed".

If you do request a transcript for 2022 and you get one, that also means the return has been processed. No transcript = not processed.

 

[audreyh1]

Already filed my brother's tax return a month ago. He owes money due to be paid April 17.

Today he got a K1 (with a small loss...~$400)

According to TT, "Before filing an amended return, make sure the IRS has already processed the tax return you need to amend. That way, it will be less likely that the IRS will get your original return and amended return mixed up."

So how do I know if they processed it? It's small loss, so would I be better to wait and file the amended return next year or file the amended return now?

What is the best way to do this?

The one time we filed an amended return due to a late corrected 1099 we never got instructions to wait until our original return was processed. We just went ahead and filed the amended return. I never heard of waiting.

 

[marko]

UPDATE! Looking more closely, I see that this K1 is inside of his IRA. So, I think I don’t have to do anything. Correct?

 

[cathy63]

UPDATE! Looking more closely, I see that this K1 is inside of his IRA. So, I think I don’t have to do anything. Correct?

Yes, that's correct.

 

[Midpack]

The one time we filed an amended return due to a late corrected 1099 we never got instructions to wait until our original return was processed. We just went ahead and filed the amended return. I never heard of waiting.

I waited about 6 weeks to file an amended return last year. I have no idea if it helped or hurt. I never got confirmation my early Feb 1040 was processed. And didn’t know if my late Mar 1040X was processed until Dec 26th when I received a refund check, despite directing them to apply the refund to 2022 taxes! It wasn’t fun…

 

[marko]

Yes, that's correct.

Cathy, you're the best!

 

[pb4uski]

Yes, that's correct.

Cathy, you're the best!

Looks like marko likes it when people agree with him. [emoji16]

 

[marko]

Looks like marko likes it when people agree with him. [emoji16]

Doesn't everyone?

Seriously though, I find that Cathy63 has been the most helpful to so many here on tax issues. Clear, simple answers and very responsive.

 

[audreyh1]

Yes, I’m always happy to see Cathy63 posts on a tax topic. So informative and clear!

Marko, I’m so glad the late K-1 was for a tax-deferred account and you don’t have to amend.

 

[pb4uski]

Doesn't everyone?



Seriously though, I find that Cathy63 has been the most helpful to so many here on tax issues. Clear, simple answers and very responsive.

+1 to both!

 

[cathy63]

Aw, thanks you guys. I learn so much from the discussions here, and I enjoy helping a little bit when I can.

 

[Act2]

I add my thanks to Cathy!