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Level 2
February 3, 2023
Question

Can I amend last year’s return?

  • February 3, 2023
  • 3 replies
  • 34 views
  • Can I amend last year’s return? And change a standard deduction to a itemized returner

    3 replies

    Level 15
    February 3, 2023

    Yes.   Do you have enough itemized deductions to exceed your 2021 standard deduction?

     

    https://ttlc.intuit.com/community/tax-return/help/how-do-i-amend-my-2021-return/00/2544441

     

    Only certain paid tax pros can still e-file past year amended returns. You cannot e-file an amended return that you prepared yourself using TurboTax.  Your 1040X must be printed, signed and dated in ink, and then you need to mail it in.  Use a mailing service like certified mail so you will know the IRS received it, since you will have a long wait for it to be processed.

     

     

    Even during “normal” times it takes about four months for the IRS to process an amended return.  During the pandemic and due to the severe backlog at the IRS it is taking much longer—six to nine  months or more for many amended returns.  Do not expect quick results from amending.  When the IRS issues a refund for an amended return it will be by check.  They do not make direct deposits for refunds for amended returns.  You can watch for information here:

    https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1

     

    Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

    2021 STANDARD DEDUCTION AMOUNTS

     

    SINGLE $12,550  (65 or older + $1700)

     

    MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

     

    MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

     

    HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

     

    Legally Blind + $1350

     

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    Level 2
    February 6, 2023

    Thanks 

    Alumni - Intuit
    February 6, 2023

    Yes. You can always amend your tax return. As Tax Champ @xmasbaby0 says, amending will not help you unless your itemized deductions are larger than your standard deduction if that’s the reason you want to amend.

     

    Even if your itemized deductions are slightly larger than your standard deduction, you may not get much back.

     

    For 2021 the standard deductions were:

     

    • $12,550 for single filers
    • $18,800 for heads of households, and 
    • $25,100 for married couples filing together

    You could amend for free in TurboTax if you filed your 2021 with TurboTax so it doesn’t hurt to try.

     

    For instructions see How to amend (change or correct) a return you've already filed. 

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