I am 24 years old this year. Every previous year my parents have claimed me as a dependent. I completed my taxes early and submitted them before my parents so i marked myself as a dependent as i have always done in the past. However when my parents began their taxes they realized that i no longer qualified as their dependent. So i should have marked independent but by that time it was too late. Do i need to amend this? Would the amount of money i got back be different depending on my status as one or the other?
Yes, you can amend that return and should as you will be allowed a larger deduction and owe less taxes.
First, I would wait until your return has been accepted.
Then you will need to prepare an amendment to select that you cannot be claimed as a dependent and are not being claimed. The amendment forms will not be available until the Form 1040-X is finalized (mid-March).
The IRS does not accept e-filed amendments so you would need to print out and send in that amendment.
The directions for filing an amendment will be here once the Form 1040-X is finalized.
https://ttlc.intuit.com/replies/3288565
Yes, you can amend that return and should as you will be allowed a larger deduction and owe less taxes.
First, I would wait until your return has been accepted.
Then you will need to prepare an amendment to select that you cannot be claimed as a dependent and are not being claimed. The amendment forms will not be available until the Form 1040-X is finalized (mid-March).
The IRS does not accept e-filed amendments so you would need to print out and send in that amendment.
The directions for filing an amendment will be here once the Form 1040-X is finalized.
https://ttlc.intuit.com/replies/3288565