Tax due on Form 1040X

Jul 26, 2011 3 Replies

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NoClue 14 years ago

My original 2010 tax return has a refund of $100, which I applied to

2011 est. taxes. Then I received a revised K-1. Now I owe $25 -- i.e. IF I had filed an extension and filed my 2010 tax return now, my tax refund would be $75 ($100-25).

So the question is must I write a check now for that $25? Or can I reduce the amount of refund applied to 2011 Est. Taxes from $100 to $75?

If the later, how do I do it on Form 1040X? Right now, 1040X, line 19 shows $25 owed. Do I put a (25) on line 22?

P.S. On the revised Form 1040, line 72, it now shows $75 as the amount applied to 2011 Est. Taxes (as opposed to $100 on the original

1040).

TIA

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Alan 14 years ago

If you look at the instructions for Line 75 on your original 1040 return, it tells you that the election to apply your overpayment to next year's taxes CAN NOT be changed. In other words, your original decision to apply the $100 overpayment to 2011 estimated taxes is fixed. You now owe the US Treasury $25. That's the amount that should be on Line 19 of the 1040X.

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removeps-groups 14 years ago

$25 plus interest on $25. At about 5% a year and 4 months late, that's about $0.50 cents.

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D. Stussy 14 years ago

The past couple of years, the underpayment rate has been floundering between 3% and 4%. The last time it was 5% was in the first quarter of

2009.

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