Amend 2020 Return

Forum|Forum|5 years ago
March 23, 2021
1 reply
7 views

I e-filed my 2020 return and owe money. I gave my bank info to debit the account on 4/15/21. I realized I didn't include the 1098-T form for my son's college and the amount owed is drastically reduced. Will filing an amended return update the amount the IRS will deduct from my bank account? And if the 2020 1040-X isn't available for e-filing until after 4/15/21, will the IRS deposit the difference from the amended return if they already deducted the larger amount?

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Best answer by MinhT1

Filing an amended return will not change the amount that the IRS will withdraw from your account.

By filing the amended return, you will receive a refund which takes into account the amount you have already paid.

Please be aware that Form 1040X will not be available in TurboTax until March 26, 2021, but once it is available, you will be able to prepare and e-file your amended return.

Please see this TurboTax FAQ for instructions on how to amend your tax return in TurboTax.

MinhT1Answer

Level 15

Filing an amended return will not change the amount that the IRS will withdraw from your account.

By filing the amended return, you will receive a refund which takes into account the amount you have already paid.

Please be aware that Form 1040X will not be available in TurboTax until March 26, 2021, but once it is available, you will be able to prepare and e-file your amended return.

Please see this TurboTax FAQ for instructions on how to amend your tax return in TurboTax.

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elsatoAuthor

Level 2

Thanks for the update 🙂

ammccann9

Level 2

It is now September and I still get a message in turbo tax that the amended return (for a filed 2020 return) is not available yet. Do you know when it will be available?