The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Amended return issue||Date: 5/3/2013 9:33 AM|
|Author: TMFPMarti||Number: 118581 of 121338|
I am still a little confused as to why the $809 refund check is mine to cash. This tyro uses TurboTax and the original 1040 showed a $809 refund. The 1040X showed $540 due the IRS. Clearly a swing of $1349.
Yet, if the $809 refund is mine to keep (and spend) then the "swing" is only $540.
You're confusing yourself through your insistence on looking at checks rather than tax. Your original return understated your tax by $540 (line 10 of the 1040X). Thus you owe $540. Everything else is just reconciling payments.
Spend the money.
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