Amending a Schedule C?

[sarah-evanson-is]

I was so eager to get my tax return D-O-N-E at 6 a.m. I accidentally submitted my return with a few numbers I'd entered just as place holders until I could look up the exact amounts. I had substantial car expenses related to my business and I plugged in a fair market value for my vehicle that was off by a couple thou. Can I amend my Schedule C for better accuracy? It might change the amount of the refund I'm receiving slightly.

[Tonita · Accepted solution]

You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.  Amended returns do not “catch up” to your original return and replace them;  they are processed as two separate returns.  

Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.

You can check the status of your Form 1040X, Amended U.S. Individual Income Tax Return, using the Where's My Amended Return? online tool or by calling the toll-free telephone number 866-464-2050 three weeks after you file your amended return.

Please see the TurboTax FAQ below for more information.

https://ttlc.intuit.com/replies/5114064