I just received my 1098 but I already filed my 2020 taxes. What should I do?

[bluedeb · Accepted solution]

Nothing now,  you will have to wait.  Once you e-file a return, you cannot get it back, cancel it, or make any changes to it.  You will have to wait until your return gets accepted or rejected to make any changes.  Do not make any changes to your e-filed return, it will not go through.  The IRS is not accepting returns until Feb. 12th, you will have to wait until then to see if your return is accepted or rejected.

If rejected, you can enter or change your information, then re-e-file.

If accepted, you would have to amend your return to make changes or add information.

Also, the Federal amended return (1040X), will not be available until around Feb. 28th (subject to change).

[DGBryson73]

My wife donated a 2003 Volvo in 2020. I entered $500 as the value on my taxes and filed two weeks ago. This week , we got a 1098-C with the gross proceeds listed as $1300. Would it be best to amend this year's return, or could I carry $800 forward on next year's return?