Hi.. My taxes were already accepted (Fed, CT & NY) and received my refund but then a 1099-Q under my SSN arrived for some disbursements made towards my loan in 20109. My parents claim me as a dependent.
TurboTax freefile is not yet providing link to 2019 amending return. Any guidance what to do?!
thanks
As you noticed, we're not quite ready yet to amend 2019 returns - that application should be available sometime next week.
If the 1099-Q distribution was for no more than the amount allowable under the new law ($10,000) toward loans, you are not required to amend the return, as the IRS only requires that you report taxable distributions.
If that is your situation, I recommend that you keep a copy of Form 1099-Q and proof of your loan payments in a file together somewhere easily accessible for at least three years so that they are easy to find if you are asked for documentation.
Being asked isn't common, but if the information is requested, you will be happy not to have to spend much time searching for it - you can copy it and drop it in the mail or fax machine and be done with that task!
If you did have a taxable distribution, hang on to the form until sometime next week and then log back into TurboTax.com and select the option "I need to amend a return that has been filed and accepted" and follow the prompts to add the information to your return. There is no charge to amend a return in TurboTax.