Tax Return Question - What should I do?

[duckyfordonald]

OK, here's my situation...
I filed (by snail mail) our taxes on January 9th. I realized a week later, that I had made an error, and filed an amended return on January 22nd (also by snail mail). So yesterday (Feb. 5), there was a deposit to my banking account from the IRS for an amount that was COMPLETELY different from either amount that I had calculated (approx. $2500 more than the amended amount). What do I do about the discrepency in amounts? Doesn't the IRS usually send out some sort of statement if you file something incorrectly? I don't know whether just to let it sit in the account (afraid to spend it) or if I need to contact someone or what I should do? (Also, on a side note, wasn't that REALLY fast to get a return back? )

 

[Cheshire Figment]

1. There should be a letter in the mail to you explaining why there is the difference. There is a possibility that mail has been delayed due to weather and from where it is mailed. If you don't get something within the next week, call the IRS (at 800-TAX-1040) and perservere through the phone tree until you get a real person.

2. It is hard to say what is going to happen. But allow at least two months for them to process the 1040-X which you submitted. Normally they do not do electronic payments for overpayments on amended returns.

3. You might want to wait a couple of months and then submit a Form 4506-T, request for a transcript. You would probably be best off checking block 6b; this will show all payments and any adjustments made after the return was filed.

Mike (CPA Retired)