1040-x "Correct amount" Doesnt get updated

Forum|Forum|3 years ago
November 7, 2022
2 replies
18 views

Hi,

I am trying to amend my taxes for the Recovery Rebate Credit and I entered the amount in the other section of #15 in 1040-X form, using my Turbo Tax Premier 2021 Desktop Software, but I see that the "Correct Amount" doesn't update with the amount I entered.

Please help how I can adjust this amount.

Best answer by bluedeb

Did you claim the Recovery Rebate on your original return?

You cannot amend a return for the Recovery Rebate Credit since their was a Recovery Rebate credit on your original return and the IRS corrected the amount. The IRS will send you a letter regarding the change in your return, and information on what to do if you don't agree.

The following is from the IRS about amending a return for the Stimulus payment:

1) If you didn't claim the credit on your original tax return you will need to file a Form 1040-X, Amended U.S. Individual Income Tax Return, to claim it. The IRS will not calculate the 2021 Recovery Rebate Credit for you if you did not enter any amount on your original tax return, or you entered $0.

(2) DO NOT file an amended tax return if you entered an incorrect amount for the 2021 Recovery Rebate Credit on your tax return. If you entered an amount other than $0 on line 30 but made a mistake in calculating the amount, the IRS will calculate the correct amount of the 2021 Recovery Rebate Credit, make the correction to your tax return, and continue processing your return. If a correction is needed, there may be a delay in processing your return and the IRS will send you a notice explaining any change made.

https://www.irs.gov/newsroom/2021-recovery-rebate-credit-topic-h-correcting-issues-after-the-2021-ta...

bluedeb

Answer

Alumni - Champ

Did you claim the Recovery Rebate on your original return?

You cannot amend a return for the Recovery Rebate Credit since their was a Recovery Rebate credit on your original return and the IRS corrected the amount. The IRS will send you a letter regarding the change in your return, and information on what to do if you don't agree.

The following is from the IRS about amending a return for the Stimulus payment:

1) If you didn't claim the credit on your original tax return you will need to file a Form 1040-X, Amended U.S. Individual Income Tax Return, to claim it. The IRS will not calculate the 2021 Recovery Rebate Credit for you if you did not enter any amount on your original tax return, or you entered $0.

(2) DO NOT file an amended tax return if you entered an incorrect amount for the 2021 Recovery Rebate Credit on your tax return. If you entered an amount other than $0 on line 30 but made a mistake in calculating the amount, the IRS will calculate the correct amount of the 2021 Recovery Rebate Credit, make the correction to your tax return, and continue processing your return. If a correction is needed, there may be a delay in processing your return and the IRS will send you a notice explaining any change made.

https://www.irs.gov/newsroom/2021-recovery-rebate-credit-topic-h-correcting-issues-after-the-2021-ta...

P

PranAuthor

Level 2

I didnt claim the credit on my original tax return. But my problem is after I enter the amount in my 1040-x in Turbo Tax, it doesn't do the adjustments under the "correct amount" column.

It doesn't even let me manually correct it.

bluedeb

Alumni - Champ

You might want to contact TurboTax support, there maybe a glitch in the program.

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bluedeb

Alumni - Champ

To add to my post above, if you still need to amend your return:

If you're completing your tax return on your own, the credit can be claimed on line 30 of Form 1040 or Form 1040-SR. Instructions for completing this line are included in Form 1040's instructions. In particular, look for the 2020 Recovery Rebate Credit Worksheet - Line 30 to calculate your potential credit amount.