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No. of Recommendations: 4
No. Do not submit the 1040X until after the original submission completes,

I did say to wait a couple of weeks before filing the amended return. I'm quite sure that an amended return mailed in 2 weeks after an electronic filing won't be touched until well after the e-file is processed.

Keep in mind the OP had already electronically filed the return before discovering their error.

However, my advice was incomplete. Mail the amended return before April 17, 2018, along with the payment for any additional taxes owed, and there will be no penalties or interest.

--Peter
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No. of Recommendations: 4
During that process Turbo Tax kept asking me to do a final check. After going thru this about 5 times IT finally accepted my returns not pointing out result of changes.

Yes, when using tax software, it's up to you to understand what changing the inputs will do. You should have looked at the return before and after accepting the changes to ensure you understood what the impacts were when accepting the change, if you didn't know enough to say 'yes' or 'no' when TT asked the question. If you disagreed with what the change did, you could have gone back into the return and changed it back, and then just said 'no' when it asked you if you wanted to make the change in the review.

Note: I haven't used TT for a while, but in the software that I used this year (TaxAct), it gives you a warning and offers a change, but still lets you submit even if you choose not to accept the change they offer. I am presuming TT does something similar.

After the returns had been accepted by both IRS and state, I printed out a copy of returns and was shocked to see that a major change that resulted in large change to AGI. This obviously affected my projected Tax refund due me.

There, fixed that for you. The return is the forms that you submit. The refund is the money that you get back.

What was the change, and why do you disagree with it?

My question is, Should I try to intercept the returns by calling the IRS and try to submit a corrected copy, or wait for the IRS to catch the mistake?

If it really was a mistake (and it's not clear that it was, since you haven't actually said what the change was), your best bet is to wait until the refund hits your account and then submit an amended return using Form 1040X to claim the additional refund. You can prepare the 1040X using TT, and then you will have to mail in a copy of the 1040X, plus forms showing the change that you are making.

AJ
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No. of Recommendations: 6
Let it play out. If the IRS identifies an error, you will be notified and you'll have the opportunity to correct the error.

If the IRS processes your return and sends you a refund, deposit that, and then submit a corrected return. Do not submit a corrected return while the current submission is processing.


🆁🅶🅱
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I have been trying to reply to your post, but "MY Reply" keeps freezing up. Appears to have been resolved by Rebooting.

Thanks AJ and RoyGeeBiv for very informative responses.
I knew the minute I saw that the E-file was proceeding that I should have received an option to proceed. There was not any yes/no button. I realized it was totally my mistake.

The fix that was called for: A 1099-R for a pension fund listed in block 1 for XX,XXX.xx and block 2a Taxable amount for XX,XXX.xx, the same amount. Block 2b taxable amount not determined was not checked.
I continued to check the 2b box and and make other changes,including changing a figure to .00 from .08. I thought this was just the computer dropping the .08. The system kept taking me back to "check the numbers". After many cycles of this the E-file went thru. It was only then that I printed my file copy and the error was clearly visible. I obviously must have inadvertently deleted this income.

I agree that the best option is to wait until I hear from the IRS or I get the total refund, and then file the corrected copy. I am 87 and have been filing my returns since 1948 with no correction from the IRS.
Thanks again,
Bob
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No. of Recommendations: 6
After many cycles of this the E-file went thru. It was only then that I printed my file copy and the error was clearly visible. I obviously must have inadvertently deleted this income.

This is an error that the IRS will eventually correct. But it will take a year or so for them to propose the correction. In the mean time, interest and penalties will be running.

I would definitely wait a couple of weeks for the return to be processed as filed. Then you can file the amended return on form 1040X to include the income that was missed. If you mail the amended return before April 17, 2018, there will be no penalties or interest.

If you have a state return, don't forget to correct that one as well.

--Peter
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No. of Recommendations: 1
If you mail the amended return before April 17, 2018, there will be no penalties or interest.


No. Do not submit the 1040X until after the original submission completes, or you are notified by the IRS that action is required. Filing an amended return before the original filing is settled will cause endless confusion.


🆁🅶🅱
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No. of Recommendations: 4
No. Do not submit the 1040X until after the original submission completes,

I did say to wait a couple of weeks before filing the amended return. I'm quite sure that an amended return mailed in 2 weeks after an electronic filing won't be touched until well after the e-file is processed.

Keep in mind the OP had already electronically filed the return before discovering their error.

However, my advice was incomplete. Mail the amended return before April 17, 2018, along with the payment for any additional taxes owed, and there will be no penalties or interest.

--Peter
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No. of Recommendations: 0
Keep in mind the OP had already electronically filed the return before discovering their error.

You misunderstand. Sending in an amended return before the efile (or any filing for that matter) is completely processed is bad practice. Waiting a "couple of weeks" and "I'm quite sure..." is insufficient.

This was a simple mistake. No fraud was involved. It's possible that the IRS will rectify the error and notify the OP. Even if they don't, there is no reason to amend before April 17.

It's up to the OP to decide how to act.
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Do not submit the 1040X until after the original submission completes, or you are notified by the IRS that action is required. Filing an amended return before the original filing is settled will cause endless confusion.

This isn't true, empirically. I've filed on two or three occasions a 1040X before my original submission completed processing. No confusion ensued.

Eric Hines
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No. of Recommendations: 2
This was a simple mistake. No fraud was involved.

Agreed.

It's possible that the IRS will rectify the error and notify the OP.

Given that the income was reported on a 1099R, it's a virtual certainty that the IRS will notify the OP. But that notice will take roughly a year to arrive. In the mean time, interest and penalties for late payment are accruing.

Both of which can be avoided by amending the return before April 17. Or - if you want to really get into esoterica - the OP can paper file a new 1040 (not a 1040X) by April 17 and write "superseding return" in red letters across the top. Again, any payment not already made will need to be included with the return. I've only done this once in my career, so it's not very common. I prefer the 1040X, since the people who open the mail at the IRS will know what to do with a 1040X.

--Peter
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