Amending a Home & Business Return

[thomasallen63]

I'm self-employed and completed my 2023 return with TurboTax Home & Business. I'm also self-insured. Today, while scanning a signed copy for the financial aid office at my daughter's school, I discovered a HUGE error under BUSINESS EXPENSES — I inadvertently added an extra digit to the amount I paid in health insurance premiums - a difference of $128K!

When I attempt to amend the return (using a saved copy of the original), there are no options allowing me to edit the business section where the error was made. If I select OTHER TAX SITUATIONS ––> AMEND A RETURN, I'm taken to a screen with options to amend my personal return, but nothing for business. I can see the error in the Medical Expenses column under Personal Deductions & Credits, but when I click UPDATE, there are no screens that allow me to edit the amount.

Is this even possible?

[DawnC]

If you used Home & Business for your business, that means your business was reported on Schedule C.   Schedule C is part of your personal return, so you would need to amend your personal return to amend your business return (Schedule C).  

If your business is a partnership or S-Corp, you would have had to use TurboTax Business and created a separate tax return for your business and used the K-1 from the business return on your personal return.  Amend a TurboTax Business Return

To amend your 2023 return, make sure you are using the 2023 software - How to Amend a Prior Year (personal) Return - the desktop instructions are at the bottom of that FAQ.  

[thomasallen63]

Thank you. 

That's where I run into the problem.

I duplicated the file and selected the PERSONAL tab ——> OTHER TAX SITUATIONS ——> AMEND A RETURN (START). 

On the next screen,  I scroll down to the "I need to change (amend) my return for a different reason" section.

I select edit for DEDUCTIONS & CREDITS. When I scroll down to Medical, I can see the gross error listed next to the amount I paid last year under MEDICAL EXPENSES. However, when I click UPDATE, I doesn't appear on any subsequent screen. 

[MaryK4]

Because the expenses were the Health Insurance premiums, go back to the business section and look for the entry for Health Insurance.  @thomasallen63

[thomasallen63]

THANK YOU! That's where I was going wrong. I think I'm good now.