Can I cancel my just completed 2020 return ?

[chathambythesea]

I just realized I forgot to add my -3000$ short term loss from 2000 market crash. In 2000 I lost lots and had to use -3000$ tax loss as carry over from year to year until I reach the total short term loss that was in te 6 figure range. In 2000 I had no stock profits, just massive loss.

Thanks

[xmasbaby0]

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  The IRS will begin to accept/reject 2020 returns on Friday, February 12, 2021.  You have to wait for the email that tells you if your return was accepted or rejected.  If you do not see an email, check your spam folder.

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X. return.  

 Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

[chathambythesea]

Thank you,

I made same mistake last year re soc sec income. Howvere the X ammended '99 return was ignored by the IRS who saw the mistake and corected it.