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Mpedler
Returning Member

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

Hello. I am trying to figure out how to add a 401k disbursement I received after filing my taxes for 2020

I forgot about it and now just received a statement 1099-R that has amount needed to be added as income

please help, I am afraid of the IRS and want to make this right

1 Best answer

Accepted Solutions
bluedeb
Level 15

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

To make changes or add information to an already filed return, you will have to wait until your return gets accepted or rejected to make any changes.  Do not make any changes to your e-filed return, it will not go through.  The IRS started accepting returns today Feb. 12th, you will have to wait until then to see if your return is accepted or rejected.

 

If rejected, you can enter or change your information, then re-e-file.

 

If accepted, you would have to amend your return to make changes or add information.

 

Also, the Federal amended return (1040 X) will not be available until Feb. 28th (that can be subject to change.) The IRS suggests you wait until your original return has been fully processed before you amend your return.

View solution in original post

5 Replies
DoninGA
Level 15

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

You will have to wait for the IRS to start accepting or rejecting 2020 tax returns on February 12, 2021
If the return is rejected you can make the necessary changes and e-file again.
If the return is accepted you will have to amend your original tax return. An amended return, Form 1040X, can only be printed and mailed to the IRS if the original return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.


Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.


See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax online editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/01/27577

The IRS Form 1040-X is scheduled to be available on 02/26/2021 (subject to change)

bluedeb
Level 15

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

To make changes or add information to an already filed return, you will have to wait until your return gets accepted or rejected to make any changes.  Do not make any changes to your e-filed return, it will not go through.  The IRS started accepting returns today Feb. 12th, you will have to wait until then to see if your return is accepted or rejected.

 

If rejected, you can enter or change your information, then re-e-file.

 

If accepted, you would have to amend your return to make changes or add information.

 

Also, the Federal amended return (1040 X) will not be available until Feb. 28th (that can be subject to change.) The IRS suggests you wait until your original return has been fully processed before you amend your return.

View solution in original post

fivetowne
New Member

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

MY 2020 TAX RETURN WAS REJECTED  I WANT TO EDIT MY RETURN

 

fivetowne
New Member

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

HOW DO I CHANGE INFORMATION ON MY RETURN THAT HAS BEEN REJECTED

ToddL99
Employee Tax Expert

After filing 2020 taxes with TurboTax I forgot about a 401k disbursement

First, correct any of the errors that resulted in your return getting rejected (see instructions below).

 

Then, revisit the Retirement Income and Social Security interviews and add the 1099-R you received.

 

If you received an e-file rejection, don’t worry. An e-file rejection means that some things on your return don't match the IRS database, and you’re given the opportunity to fix them and refile. 

 

To get started, follow these instructions: 

  1. Sign in to your TurboTax account 
  2. Select Fix my return to see your reject code and explanation
  3. Select Fix it now and follow the instructions to update the info causing the reject
  4. Once you've fixed the error, select File in the left-hand menu and follow the instructions to either e-file or file by mail

Tip: Many returns are rejected because there was an issue with last year's AGI. Try entering "0" for your 2019 AGI and see if that fixes the problem.

You can watch the video below for an overview of the process.

If you’re still unable to e-file, you can always print and mail your return.

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