swcrow
Autocross Champion
Yeah....smh......it happened.
I literally filed my taxes, was looking at a nice return, THEN got a 1099-R I had completely forgotten about from Jan of last year eliminating some debt using an old life insurance policy.
So........
I went back into turbotax and started to amend my taxes. Huge hit (go figure) and now I owe both federal and state.
This is where it gets tricky. Federal allows for an e-file to amend taxes, whereas state does not...had to print out and mail in. Okay, seems "easy" enough.
Now....Turbotax is telling me that I will STILL get the money owed from the first set of returns I filed, and I owe the amount from my amended taxes. Why are they two separate transactions and aren't just reducing my "owed" amount from what I was supposed to get back? Do I wait to get the money back and THEN pay the amount I owe?
I now need to get on a payment plan with the IRS....is this hard?
Any tax gurus in here?
I literally filed my taxes, was looking at a nice return, THEN got a 1099-R I had completely forgotten about from Jan of last year eliminating some debt using an old life insurance policy.
So........
I went back into turbotax and started to amend my taxes. Huge hit (go figure) and now I owe both federal and state.
This is where it gets tricky. Federal allows for an e-file to amend taxes, whereas state does not...had to print out and mail in. Okay, seems "easy" enough.
Now....Turbotax is telling me that I will STILL get the money owed from the first set of returns I filed, and I owe the amount from my amended taxes. Why are they two separate transactions and aren't just reducing my "owed" amount from what I was supposed to get back? Do I wait to get the money back and THEN pay the amount I owe?
I now need to get on a payment plan with the IRS....is this hard?
Any tax gurus in here?