I was so excited! I got 'em done, e-filed… and then realized I left off the interest for my home equity loan. So in other words, it’s an error of mine in their favor.
What do I do? I used the H&R Block online service. Should I wait until they accept it and then file amended? Can I intercept it before it wings its way to the IRS? How can I do this so I can get my refund ASAP but still get everything I’m owed? (One assumes that if they do deposit my incorrect refund I should keep my grubby mitts off it.)
Second that. Last year, I was so eager to file I did so before receiving a 1099 from one of my investment accounts. So I had to file a 1040X and pay a small additional amount (after having received a larger refund the first time). A few months later, I received a letter from the IRS stating that I owed nothing more (after presumably they checked and found that the final payment was correct). BTW, I used Turbotax the first time and was able to use the same software to complete the 1040X. I don’t know if H&R Block’s service is capable of it.
Yes, file a 1040X. However, you are much, much better off waiting a few weeks (let’s say, 4 at least) until your original tax return has worked its way thoroughly into the IRS system. Note that receiving your original refund (yes, it’s fine to spend it. Presumably you’ve got more coming, after all.) is NOT an indicator that your return is thoroughly in their system. Tax returns go through several steps in processing at the IRS, and getting the refund out the door is one of the earlier ones.
Also, do not expect to receive the differential amount owed to you from your amended return for quite awhile. Sometimes it takes months.
No reason not to. If you file incorrectly and get a refund, then file a 1040X and get owed more, they’ll just send you the difference between the two. If you file a 1040X and deserve a smaller refund, they’ll just expect you to send a check. They’re not going to take the refund back and replace it with a different one.