Amended

[boniysd1948]

The Turbo Tax said that I need to opened an Traditional IRA, so that I can save money paying tax. I was told to deposit to my spouse Bonifacio of $6000, Rufina $4000. I have until May 17. But I deposited $7000 each.  So, do have to wait until the IRS deposit my REFUND? 

[boniysd1948]

MY FEDERAL TAX RETURN WAS ACCEPTED AND I HAVENT HEARD FROM THEM.  CAN I AMEND MY IRS TAX NOW?

[AmyC]

As long as the IRA money was deposited by May 17, the amend can be processed correctly.

Once your original return is accepted and the finances are settled, you can file an amended return. 

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • I need to amend my state return.
  • Can I e-file my amended state return?
  • Can I e-file my 1040X to amend my return?
• Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
• Use separate forms if amending more than one tax year.
  • Each year on its own form
  • Each year in its own envelope
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.