Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

Forum|Forum|7 years ago
June 16, 2019
6 replies
31 views

Turbo Tax should have alerted us to this oversight since most people our age collect social security.

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Bsch4477

Level 15

Since the amount of social security being taxed, if any, depends on your other income, be sure that it does affect your tax liability.

You are responsible for reporting all income. Not all retirees get social security.

1943harleybillandsue

Level 2

Turbo tax failed to ask for my social security income. I have already have filed my taxes for 2020. I was comparing my 2018 taxes and realized that there was no social security income on my 2020 return. I usually have to pay taxes and this time I show a refund now I know why. how do I proceed know.

xmasbaby0

Level 15

You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner.

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.

If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.

Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**