HELP!
Will my amended return be penalized????
When I filed in January 2020, I selected the option for using the same employer from the previous year. Since TurboTax was able to pull my W2 info electronically, I didn't bother opening the hard copy W2s when they came in the mail a month later, thinking it was just two copies of the same thing (lesson learned).
Now, we're about to close on a house and wouldn't you know it, my transcripts and the W2 I sent to the lender don't match. So I opened up the other W2 and almost died. Same employer (Amazon) but different EIN and different wages. I have to amend my return, but I'm worried about being penalized. That may affect us being able to close on our would-be home.
Please help! 😥
If you reported your wages incorrectly then after your original tax return has been fully processed you do need to amend and make the correction. Amended returns normally take about four months to be processed, but are currently taking a lot longer.
Whether your lender will be upset by this is a question for the lender. If you owe additional tax you have to pay that with your amended return.
https://ttlc.intuit.com/questions/2566895-what-does-it-mean-to-amend-a-return
When you do AMENDMENT, you will REVISE your return to be correct.
Use that revised 1040 tax return to apply for your mortgage. Sign it.
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason.
AND, to find your AGI next year.
OR, to verify your wage income is correct.