I recommend waiting to ensure you don't have to file another amended return after amending. The IRS is issuing guidance based upon all of the latest changes but as taxes can be complex, there are many layers that are affected. Therefore, even if you were to amend your return now and mail it in, there is a high likelihood that you will need to amend again since the IRS has not issued official guidance on the remaining forms affected.
You will not miss out on the latest stimulus payments. If once everything has been updated, you determine you were eligible for the third stimulus payment, the IRS will either issue you the payment based upon your amended return or you will be able to claim the Recovery Rebate Credit on your 2021 income tax return.
Recovery Rebate Credit for 2021 tax return
Have you already e-filed the 2020 federal tax return and received the federal tax refund or if taxes were owed have you paid the taxes?
@lisaandchuck65 wrote:
Yes, already efiled
Why are you amending the tax return? If you are amending to add the unemployment compensation exclusion, the IRS requests that the 2020 federal amended tax return not be filed at this time. Awaiting further guidance from the IRS for this issue.
@lisaandchuck65 wrote:
I need to remove a dependent
Then you should be able to amend the 2020 tax return. Delete the dependent in the My Info section of the program.
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
I've tried clicking on "amend my return" and it says the forms not ready yet?
@lisaandchuck65 wrote:
I've tried clicking on "amend my return" and it says the forms not ready yet?
The Form 1040-X was made available across all TurboTax platforms on 03/26. Are you using the TurboTax online editions? If so, close the program and clear cache and cookies on your web browser and then sign back onto our online account - https://myturbotax.intuit.com/
See this TurboTax support FAQ for clearing cache - https://ttlc.intuit.com/community/troubleshooting/help/how-to-clear-your-cache/01/26135
After getting Your return isn't ready to be amended yet message with my online version (received corrected W2) I talked to a TT agent today (3/31/20201) who said that amendments can't be done in TT yet, and I that can amend directly with the IRS instead. Otherwise I just need to wait. No ETA. This contradicts earlier TT message that amendment function became available 3/25/2021. Hope TT could do a better job informing customers.
@Mike237 Have no idea who you spoke with from TurboTax but they are mistaken. The IRS Form 1040-X for tax year 2020 is available in all the TurboTax platforms, online and desktop, effective 03/26/2021.
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
Here is a screenshot of a Form 1040-X for 2020 from the TurboTax online Free edition -
Thank you, but it still saying "YOUR RETURN ISN'T READY TO BE AMENDED YET".
@lisaandchuck65 wrote:
Thank you, but it still saying "YOUR RETURN ISN'T READY TO BE AMENDED YET".
It depends on why you are amending the 2020 tax return. Are you amending for the unemployment compensation exclusion or for something else?
How would I amend directly with the IRS? Go to the website???
@lisaandchuck65 wrote:
How would I amend directly with the IRS? Go to the website???
If you are amending for the unemployment exclusion, then see this IRS website for how the IRS will be handling the exclusion starting in May - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may
The IRS does not want you to amend the 2020 tax return for the exclusion so the TurboTax program will not let you amend for that reason.
DoninGA Why are you so insistent that 2020 amendment feature is available 3/26 when it is not, at least for some TT users? Below is a screenshot from 4/2/2021. Tried deleting cookies, using a different browser. I need to amend Form 8949 as my 1099-B was missing cost base (sold employee shares). Looks like I'm stuck indefinitely until TurboTax clarifies what's going on.
@Mike237 I can only go by what I see using the online and desktop editions to amend a 2020 tax return. That is why I post screenshots. But it does appear that many users cannot yet amend their tax returns.
TurboTax has issued this support FAQ for why you cannot amend your tax return - https://ttlc.intuit.com/community/amend-tax-return/help/why-can-t-i-amend-my-return/01/2122917
That does not mean that the amend software is not there but that "your" tax return contains information that the IRS has put an amend hold on until they decide how to handle it.
Apparently your return contains a 1099-G for unemployment that the IRS says not to amend to claim and the IRS will handle that internally. But many taxpayers have other reasons to amend and the IRS has not figured out how to handle that conflict yet.
Since amended returns are currently taking 4-6 months to process, any unemployment rebate credit will be paid by the IRS long before the amended return is even processed.
You have 3 years to amend.
A lot of people need to amend for something else rather than unemployment. But because they have "unemployment compensation" within their return, TurboTax and the IRS are making them wait as well. What if new calculations make people eligible for the stimulus check and because we are not allowed to amend, we miss out on that?
I recommend waiting to ensure you don't have to file another amended return after amending. The IRS is issuing guidance based upon all of the latest changes but as taxes can be complex, there are many layers that are affected. Therefore, even if you were to amend your return now and mail it in, there is a high likelihood that you will need to amend again since the IRS has not issued official guidance on the remaining forms affected.
You will not miss out on the latest stimulus payments. If once everything has been updated, you determine you were eligible for the third stimulus payment, the IRS will either issue you the payment based upon your amended return or you will be able to claim the Recovery Rebate Credit on your 2021 income tax return.
Recovery Rebate Credit for 2021 tax return
I need to amend my WV state return. I have to add WV taxes that were taken out of my husbands job. The wrong W2 was sent and it just showed MD taken out. We had already filed by the time we realized the mistake.
Please see this TurboTax Help article for guidance in amending your WV return: I need to amend my state return - TurboTax