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How to I correct a mistake on my tax return if I made a typo?

How to a correct a typo (I added to many zeros at the end of a real estate form)?
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4 Replies

How to I correct a mistake on my tax return if I made a typo?

If you already filed your tax return with a mistake then you need to wait until it has been fully processed and then amend.  Do not amend until it has been fully processed.

 

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

**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.**

How to I correct a mistake on my tax return if I made a typo?

@lin_jeremy2 - does the typo change how much tax you owe? 

How to I correct a mistake on my tax return if I made a typo?

I don't believe so.  I was part of the form that listed a property we own that was a vacation home now as a rental income property.  We bought it for $120,000 but I inadvertently made it $1,200,000.  Our initial mortgage was $105,000 and that was entered as $1,005,000


It was bought in 2017 and what I understood from TurboTax when we started that tax return was that these forms didn't impact our return this year but were essentially "establishing" the property a a rental property

How to I correct a mistake on my tax return if I made a typo?

@lin_jeremy2 - did it affect the depreciation schedule and thus the passive loss reported??????

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