2020 1040-SR

[GODYML]

In my filed form I notice that my taxable interest was 1200.  thought when I fill the forms, I  file  $475. How come it is showing as $1200.

[HelenC12]

@GODYML  We can't see your tax returns to know why. However, the $1,200 may be your stimulus payment. Review your Form 1040-SR and verify that Taxable interest is on line 2b.and the stimulus payment (Recovery Rebate Credit) is on Line 30. 

If you entered the wrong interest amount and you e-filed your tax return, you won't be able to change it. It's like putting a letter in the mailbox. You can't retrieve it.

• You'll have to wait until the IRS accepts or rejects your return.
• The IRS has announced that they will begin accepting and processing 2020 individual tax returns on February 12, 2021.

If your return gets rejected, you'll be able to change it and submit the corrected return.

If your return gets accepted, you may need to amend your income tax return.

NOTE: At this time, you're not able to  amend a 2020 income tax return. As of today, it's estimated that the IRS will finalize the 1040X form on 2/18/2021. However check the forms availability to see any updates to that date. 

You can check the status of your Form 1040-X, Amended U.S. Individual Income Tax Return using the Where's My Amended Return? online tool or by calling the toll-free telephone number 866-464-2050 three weeks after you file your amended return.

Generally, Form 1040-X,  Amended U.S. Individual Income Tax Return, must be filed within three years of the date the original return was filed, or within two years of the date the tax was paid, whichever is later.

[Edited 2/10/2021|1:19 pm PST]

[GODYML]

I know that I put $475 for interest but after it was filed I notice that the figure has changed to $1220. Will Turbo Tax help me or I have to do it on my own?

[Cynthiad66]

Since you have filed already you will need to amend your tax return.  TurboTax will allow you to amend Free and our system will walk you through the process.

1. Sign in to TurboTax.
2. Scroll down to Your tax return & documents (you may need to select Show), select 2020 and then Amend (change) return.
   • If you only see the option to amend 2018 or earlier, it's because you can't amend an unfiled 2020 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
3. Select Amend using TurboTax Online.
4. Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
5. You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
6. If e-filing, you’ll review, sign and transmit your federal return. If not, we'll give you instructions to print and mail your amended return.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool.  Please allow at least 16 weeks for the IRS to process your amended return.