I imported my 2015 tax return successfully and got about halfway thru completing my 2016 return. But then I discovered that we needed to file an amended 2015 return, which we have now done. I would like to have TT re-import my 2015 return info, but I understand that this is not possible. I do not want to start over, so my question is: Where do I go in TT to manually correct the imported 2015 info?
Thanks
Its not likely that any of these items flow from 2015 to 2016 on any substantial level. I certainly wouldn't start over or trouble myself over this-
1. Federal Tax payments. Definitely do not flow from one year to the next.
2.State payments. The only thing that might change is your 2015 state refund. That could change your state income tax refund income, but not in 2016. You only claim the state refund that you literally received in the year 2016. If you amended in 2017, any extra state refund from your 2015 return will be claimed next year.
3.Mortgage interest. This could impact a home office deduction carryover, but its highly unlikely that you have this. If all of your mortgage interest went on Schedule A, there's nothing to worry about.
Also, when e-filing, use your AGI from your original tax return and not the amended return. The IRS matches the AGI from the original return only. If you have a 2016 underpayment, you may need to reference the amended 2015 return to reduce any possible penalty. So, if you owe in 2016, the amendment numbers will probably only be used for this one purpose.
What changes did you make? Most things don't carry from one year to the next.
We made 3 changes:
1. Corrected our federal pre-paid tax amount (corrected a typo).
2. Corrected our state pre-paid tax amount (corrected a typo).
3. Corrected our mortgage interest paid. This amount went up by ~$2500.
Its not likely that any of these items flow from 2015 to 2016 on any substantial level. I certainly wouldn't start over or trouble myself over this-
1. Federal Tax payments. Definitely do not flow from one year to the next.
2.State payments. The only thing that might change is your 2015 state refund. That could change your state income tax refund income, but not in 2016. You only claim the state refund that you literally received in the year 2016. If you amended in 2017, any extra state refund from your 2015 return will be claimed next year.
3.Mortgage interest. This could impact a home office deduction carryover, but its highly unlikely that you have this. If all of your mortgage interest went on Schedule A, there's nothing to worry about.
Also, when e-filing, use your AGI from your original tax return and not the amended return. The IRS matches the AGI from the original return only. If you have a 2016 underpayment, you may need to reference the amended 2015 return to reduce any possible penalty. So, if you owe in 2016, the amendment numbers will probably only be used for this one purpose.
Of course, there are a ton of other very uncommon and unlikely things that can occur by changing your prior year data. You simply cannot reimport without starting over, so I would focus on just seeing what's on your return in 2016 and visiting the interview to see if there's an reference to 2015. However, adding some tax payments and mortgage interest is not a sign of major changes that flow to 2016.