I am preparing to send in an amended return today to both state and federal entities. Nothing big just forgot to add a 1099 which barely crosses the threshold for reporting.
I had already submitted my returns last month and got a refund from both fed and state deposited into my account which I have been holding.
With my amendment I will still get a refund for both but for obviously less money.
How is this process handled? Do I need to mail checks for the estimated difference with the amendment? Do I wait for a bill from the IRS? Will they take the money out of my account and adjust the difference?
I have no experience with this but I would like to know what to expect and the best way to proceed.