So i submited my returns and now it is accepted. I need to amend because i recieved my 1098t and also i was redoing my returns on a different email off of turbo tax to see how much i would get back with my 1098t and found it i had gotten extra refund because i made less this year than i did last year and got an additional 500. Can i also amend my returns because of that? So i can get the extra money because i made less? Will they refund me that amount since the new claim i did showed i got an additional 500 from making less this year than last year?
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Yes. There are many, many reasons to amend your return. If your return has been efiled and accepted already, you may want to wait to get the refund on the original return before you amend it. If you have any other details regarding this question, please feel free to post them in the comment section.
Firstly, the longer you wait, the more likely that any else that needs to be added (such as the 1098-T) will arrive or come to your attention. This provides for an accurate and complete amendment the first time and less possibility of an amendment of an amendment.
Secondly, any additional refund that you get as a result of the amendment will take 2 to 3 months to be processed.
Other reasons to amend:
Yes. There are many, many reasons to amend your return. If your return has been efiled and accepted already, you may want to wait to get the refund on the original return before you amend it. If you have any other details regarding this question, please feel free to post them in the comment section.
Firstly, the longer you wait, the more likely that any else that needs to be added (such as the 1098-T) will arrive or come to your attention. This provides for an accurate and complete amendment the first time and less possibility of an amendment of an amendment.
Secondly, any additional refund that you get as a result of the amendment will take 2 to 3 months to be processed.
Other reasons to amend:
I had a follow-up question on this post which include the statement below:
You received a corrected tax form after filing (the "corrected" box is checked) and the new info changes your refund or tax due amount.
If you you get a corrected tax form after filing and the new information yields a very-very small refund when you put in amended return, do need to file an amended return if it is not worth the effort?
No -- you don't have to file an amended return if you're getting a refund. It's up to you to decide whether it's worth the effort!
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