Amending

[marcisikoff]

I would advise waiting until 2 things happen:

1) TurboTax is updated to allow for 1040-X processing as well as your state amendments.  At this point they are giving 3/18 as the date, but that is subject to change as Biden just signed in law letting some level of unemployment be non-taxable at the Federal level depending on AGI which Intuit has likely pre-coded but has to pass Quality Assurance so that and 1040-X *might* wait until a single update.   

2) As we are pre-April 15th, the IRS cannot really go after you for not declaring that yet.  They do have to wait until the filing deadline or extensions given to someone.  Your options are thus:

a) File a paper 1040-X today using the data from you return and adding in the additional income which you can calculate using TurboTax.  This does involve altering your filed/accepted return but you can always save as a different file since you're just doing A/B testing on the added income.  You'd mail that form to the IRS (it's a 2 page form so easy) but then you need to address if your state(s) have amendment forms available.

b) Wait a little until TurboTax is updated for 1040-X as that should also be well before 4/15 so this prescription is for patience.

[marcisikoff]

Those advocating to not change anything in your return now are missing the bigger picture.

If I have a return e-filed and accepted and saved as My2020taxes.tax2020 I can open that up, check the e-filing status(s) all say Accepted and then save it as My2020Xtaxes.tax2020 and add in the missing W-2, EIP, 1099, etc as that is needed to manually complete a 1040-X from the IRS if the taxpayer wants to do that.  It is their prerogative to manually file, e-file, etc.

By saving the return "as" another file you can safely open your original file when it's time to process the 1040-X as well if you choose to wait but there's nothing compelling you to not alter the accepted return, provided you save that as another file.

[VolvoGirl]

@marcisikoff   That will work for the Desktop programs but not the Online versions.  Online only saves the last file.  And you should not amend until you get the first refund from the IRS.  They have been adjusting refunds if you claimed the second stimulus but got it after you filed.  

[dcuddy4]

thanks

[2Shea1isenough]

 I need to fix my boyfriend's refund of a misfiling error now he OWES $300. I know I can fix this with 1040x, but not sure of what to do first. Pay $300 and request 1040x documents? Does he have to pay $300 (I will for him if need be) an error due to me misplacing the exact document he needed to send in and we were worried why he wasn't getting his return. Well I'm too crazy to remember where it went or maybe even thrown out it's been such chaos as I'm sure I'm not alone, can I request the doc I misplaced ? Or just amend right away. 

[whigginssr]

You said the 1040 X for amending my 2020 return would be available on 25 March. I can't find it. Where is it?

[DoninGA]

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@whigginssr wrote:

You said the 1040 X for amending my 2020 return would be available on 25 March. I can't find it. Where is it?

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The date has changed to 03/26

The IRS Form 1040-X for amending a 2020 tax return is scheduled to be available on 03/26/2021 (subject to change)

[marcisikoff]

I'll check tomorrow, though I doubt the 3rd date will be true.

You already updated Pro Series for amendments to 2020 earlier this week so not sure why it takes so long to port that over to Turbo Tax.

[Clomer92]

SOMEBODY FILED USING MY DEPENDANT. i JUST WANT TO REMOVE THEM BECAUSE IT IS TOO BIG OF A HASSEL TO FILE ON PAPER.

[billjans]

I have two questions:

I am amending my 2019 return which has been filed and accepted by the IRS.  I made the mistake of not doing a "save as" before I saved the amended file.  Will this cause the amended return to be inaccurate for any reason when it is filed?  If it does cause the amended return to be inaccurate, how can I correct this situation in TurboTax that was caused by my own error?

I noticed that there is a copy of my 1040-SR included along with the 1040X to be filed with the IRS.  But the numbers on this 1040-SR are not the same as on the original form submitted with the 2019 return.  The 1040-SR has been changed, as well, but the refund requested on the 1040-SR is different from the refund requested on the 1040X.  Why is this and should this be a concern?

[KathrynG3]

To remove your dependent, follow these steps in TurboTax Online:

• From the left menu, go to My Info.
• Scroll to your dependent and click the trash can icon to delete their details in your return.

@Clomer92

1. It depends. The amendment must start with what was originally filed. If the 2019 PDF or .tax file is not available, get the transcripts online from the IRS. You will need the Record of Account to see all the activity for 2019. Go to: Get Transcript | Internal Revenue Service.
   1. If the original return is not properly preserved, Form 1040-X will not have the correct starting point in Column A so there will be no change reported in Column B.
   2. To correct it, remove the changes that have been entered before the amendment was begun.
   3. For more information, see: How to amend (change or correct) a return you already filed. 
2. It does appear that there were items changed after filing but before starting the amendment. I recommend the following steps:
   1. Canceling the amended return 
   2. Removing all changes so that your file matches the original Form 1040-SR
   3. Trigger the amended return
   4. Make the changes needed
   5. Mail in the Federal (and State, if applicable) Amended returns per directions provided by TurboTax.

@billjans

[billjans]

I did start with the original 2019 tax file and I do have the original 2019 return.  I entered my changes and printed the amended return from TurboTax using the 2019 version of the software.  There appears to be a lot of confusion on this subject, but I ended up following this advice to submit:  (Sorry, but I do not have the starting point for this thread.)

2 Best answer

Critter-3

Level 15

‎December 23, 2020 10:25 AM

Correct ... you do not send in the new 1040SR ... that was part of the PDF for your benefit only.   Mail in the 1040X plus any form/schedules that have changes on them to support the explanation on page 2 of the 1040X and column B on the front.  

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fanfare

Level 15

‎December 23, 2020 11:11 AM

attach only those Sequence Numbered tax forms and Schedules that changed or were added due to your amendment...

If you are using TurboTax you have to do this by visual comparison. The program won't break out those pages for you.

Poor.

Do not include your old 1040 nor your revised 1040 because the Form 1040X reflects any changes there and becomes your new tax return.

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[Kld0419]

I have a form 5498 IRA contribution of 1200.00.  Is it worth doing an amendment?  If so I need a 1040X and is there any support filling it out from Turbotax?

[DoninGA]

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@Kld0419  wrote:

I have a form 5498 IRA contribution of 1200.00.  Is it worth doing an amendment?  If so I need a 1040X and is there any support filling it out from Turbotax?

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A Form 5498 is an informational form only and is not entered on a tax return.

If you made a contribution to an IRA for tax year 2020 and did not report it the 2020 tax return that you filed then you need to amend the 2020 tax return to report the contribution.

An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/01/27439

[mar698]

I completed an amended return and according to the instructions I was able to send the  amended return via Turbotax.  I got an acknowledgment the return was accepted but did not get $800 estimated tax payment back that was submitted in January 2021 as the 4th payment.  I have not heard anything else.