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Financial Planning / Tax Strategies


Subject:  Re: Amended return issue Date:  5/2/2013  2:00 PM
Author:  irasmilo Number:  118570 of 127526

As should be apparent from the various responses you've received, your original post wasn't clear. When you eliminated the deduction, did your expected refund drop from $800 to $200, or did you determine that instead of a refund of $800 you actually owed $600.

If the former, go ahead and deposit the $800 check. If the latter, call the IRS and ask them how to return a refund check you received in error.

Alternatively, you could cash the check and wait for the IRS to ask you for the money back. If you do this, you will be charged interest on the $800 for the time you had it. If you send the check back uncashed, there is no interest charge.

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