Hi! I sold property abroad in 2020. I forgot to include this in my 2020 tax return . First question is, can I amend this with TTax?

[ra0010]

Also, do I have to amend or can I include this in my 2032 taxes?

[xmasbaby0]

You will need to amend your 2020 return after it has been fully processed.  No, you cannot just put a 2020 sale on your 2021 tax return next year.   It goes on 2020.

Did you use TurboTax to prepare your 2020 return----the way you worded your question makes me wonder about that.  If you used TT:

Select your tax year for amending instructions:

• 2020
• 2019
• 2018
• 2017

CAN I USE TURBOTAX TO AMEND IF THE RETURN WAS PREPARED SOMEWHERE ELSE?

If you did not use TurboTax to prepare your tax return, it is possible to amend the return using TurboTax but it will really be a pain.  It would be better to use the software or service used to file originally.  If a paid preparer made a mistake on your tax return, that tax preparer should do the amended return for you at no charge.

In order to use TurboTax to amend your return, you need to purchase the desktop software for the tax year and re-create the return EXACTLY as it appeared when it was filed with the IRS/states.  Every line has to be the same.  Then you have to "trick" the software into thinking you filed by saying you will mail the return. (but do not mail it)   AFTER that, you use the software to prepare a Form 1040X, which has to be printed, signed and mailed to the IRS.  It takes the IRS about 3-4 months to process an amended return

[ra0010]

We (husband and I) filed jointly using TT. So my question still stands: can I amend my tax return (I.e add the sale) using TT?

Is this something complicated to do? Meaning, is it a DIY or do we need to go to a CPA?

[ra0010]

Hello?

[DoninGA]

@ra0010 Is there something you did not understand in the answer provided by @xmasbaby0 for amending the 2020 tax return?

[ra0010]

Hi! Yes. My follow up question was if I could amend using TT (we originally filed using TT) and add a form 8949? Is this complicated?

[DoninGA]

---

@ra0010 wrote:

Hi! Yes. My follow up question was if I could amend using TT (we originally filed using TT) and add a form 8949? Is this complicated?

---

Yes you can amend the 2020 tax return that you completed and filed using TurboTax.

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

[xmasbaby0]

You do not say what version of TT you used for your original return.   If you only used Deluxe you will need to upgrade to Premier for the form you mentioned.

https://ttlc.intuit.com/community/forms/help/where-is-form-8949/00/25799

As for whether it is too difficult---only you can decide if it is too difficult to amend your own return or whether you want to take it to a professional.   It is possible to amend using TT software.

[ra0010]

Thank you! 
can I add the form 8949 when I amend them, even if I didn’t do it originally?

[xmasbaby0]

Yes---you can add needed forms when you amend.   Just telling you----that form is not in Deluxe---so you might need to upgrade to Premier to get to it.   If you used desktop software every version has all the forms, but if you used online software you have to upgrade to at least Premier for that form.

[ra0010]

Thank you! 
can I add the form 8949 when I amend them, even if I didn’t do it originally?

[xmasbaby0]

Yes----amending a tax return often involves adding forms.