I'm trying to complete a 1040-X. The amount of the excess contribution was $2245 which was returned in 2023. I notice that the 1040-X form uses the Schedule D method to determine the tax due.
What doesn't make sense to me is that although the total income is increased by $2245, the tax due did not change and in fact shows a tax refund.![:shock:]( "Shocked")
Thus I am thinking about manually doing the Schedule D tax inputs to see if there is a change.
Is this what I should do? I manually entered the amounts into the 1040-X form so I wonder if I'm missing something.
What doesn't make sense to me is that although the total income is increased by $2245, the tax due did not change and in fact shows a tax refund.
Thus I am thinking about manually doing the Schedule D tax inputs to see if there is a change.Is this what I should do? I manually entered the amounts into the 1040-X form so I wonder if I'm missing something.
Statistics: Posted by Hiker-Biker — Thu Mar 07, 2024 10:54 pm — Replies 0 — Views 188