On March 31, I efiled my 2021 1040. It was accepted within half an hour or so, and a few days ago I checked the IRS website and it shows the AGI, so they’ve done some minimal amount of processing on it.
On April 21, I received a corrected 1099 from one of my brokers ??? While I haven’t actually run any numbers, the changes were enough that I think it will make a change in total tax owed (in my favor. Yay!), so I need to amend the return.
I don’t know how much processing the IRS has done on the 1040 (probably not a lot), or when they’ll finish whatever remaining processing is needed (probably a while from now). I don’t want to confuse them by filing a 1040-X when they haven’t really dealt with the 1040 (I’m guessing), on the other hand, I’d like to get it handled (and get the refund I think will result). So… is it too soon to file a 1040-X?
I don’t know how much processing the IRS has done on the 1040 (probably not a lot), or when they’ll finish whatever remaining processing is needed (probably a while from now). I don’t want to confuse them by filing a 1040-X when they haven’t really dealt with the 1040 (I’m guessing), on the other hand, I’d like to get it handled (and get the refund I think will result). So… is it too soon to file a 1040-X?
I would suggest waiting until your original return is processed. It may be that the IRS will find the mismatch on the original return, without you having to file the amended return. If they don’t, once the original return has been processed, you can actually file your amended return electronically, if your original return was filed electronically. https://www.irs.gov/forms-pubs/about-form-1040x
I would suggest waiting until your original return is processed. It may be that the IRS will find the mismatch on the original return, without you having to file the amended return. If they don’t, once the original return has been processed, you can actually file your amended return electronically, if your original return was filed electronically. https://www.irs.gov/forms-pubs/about-form-1040x
Thanks AJ. How do I know when the original return is processed? I just poked around my account pages on the IRS website and noticed that a transcript for 2021 is available. Does that mean the return is processed or do they just pull that from the filing and there’s more they do before it’s considered processed?
How do I know when the original return is processed?
Since you filed electronically, I would suggest checking for your status using the software you used to file the taxes. You might have e-mails telling you the status, or if you log into your account, you should be able to see the status. BTW - I am assuming that you don’t have a refund coming your way, since the easiest way to confirm a return that is due a refund has been fully processed is by actually getting the refund. Generally, you can also check the refund status tool on the IRS site https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp and see that your return has been fully processed a few days before the refund is electronically deposited (maybe a few weeks if you chose to have a check mailed to you). I would also note that the IRS specifically warns against filing a 1040-X before you get a refund that was due on your original return https://www.irs.gov/refunds
Don’t file a second tax return. If you’re due a refund from your tax return, you should wait to get it before filing Form 1040-X to amend your original tax return.
I just poked around my account pages on the IRS website and noticed that a transcript for 2021 is available. Does that mean the return is processed or do they just pull that from the filing and there’s more they do before it’s considered processed?
It used to be that only fully processed returns showed up as return transcripts (be sure you are looking at the return transcript, not one of the other transcript types). However, I’ve seen some chatter online from taxpayers saying that they don’t have an approved refund and yet they have seen a transcript online. Given the staffing and backlog problems recently, that wouldn’t totally surprise me. On the other hand, it’s also commentary from the internet, so you can decide how large of a grain of salt it needs.
If your return transcript is shown on your account, even if you can’t find other confirmation that your return has been fully processed, you’re probably okay to file your 1040-X That said - I wouldn’t count on any refund from the amendment getting to you very quickly.
Thanks AJ. How do I know when the original return is processed? I just poked around my account pages on the IRS website and noticed that a transcript for 2021 is available. Does that mean the return is processed or do they just pull that from the filing and there’s more they do before it’s considered processed?
If you can see your tax return transcript on the IRS website, you can file your amended return. It means processing is complete. You also be able to see your account transcript which would show the tax the IRS calculates you owe for the year and all of the credits from withholding, estimated payments, payment with the return and other credits granted.
IRS document matching to third-party documents (W-2s, 1099s, etc.) doesn’t begin until later in the spring, so the IRS won’t be aware of the corrected 1099 yet.
Since you filed electronically, I would suggest checking for your status using the software you used to file the taxes.
I used TurboTax, and it says “accepted”, but I assume that doesn’t mean “processed”, as I got the accepted email like half an hour after I filed.
I am assuming that you don’t have a refund coming your way
I don’t, so that doesn’t work. And I paid via EFTPS, so that was just paid when I told it to.
be sure you are looking at the return transcript
I’ve got transcripts of all four types, including return. Ira says that means it’s processed, so I’ll trust you and him over random internet commentary and go ahead and file the 1040-X.
You can tell your return was definitely processed if your account transcript has a code 150 and a positive amount (your tax liability).
It does! However… the date of the code 150 transaction is 05-09-2022, and just above the list of transactions it says:
PROCESSING DATE May 09, 2022
That’s… in the future? So has it been processed and that date is wrong (or something other than what it seems to be), or has it not actually been processed?
It does! However… the date of the code 150 transaction is 05-09-2022, and just above the list of transactions it says:
PROCESSING DATE May 09, 2022
That’s… in the future? So has it been processed and that date is wrong (or something other than what it seems to be), or has it not actually been processed?
Understanding IRS transcript dates is a graduate level course. Dates are not always what they seem to be. For instance, the pandemic EIP payments and the Advance Child Tax Credit payments are shown as being paid up to 2 weeks before the credit is posted to the account.
??? While I haven’t actually run any numbers, the changes were enough that I think it will make a change in total tax owed (in my favor. Yay!), so I need to amend the return.