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If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

 
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7 Replies

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

I'm presuming you have all ready filed your return for 2021 and did not include the $6,000 you mentioned.

 

First, you need to wait until the original return has been processed.

After it is processed, then file a Form 1040X.  Turbo Tax will help you file the 1040X.  You'll need to basically include a copy of a revised F1040 showing where the additional income is included and if it affects anything else on the return, such as limits for different items, change in tax bracket, SE tax, etc.  Depends on what kind of income you're including.

 

The reason you need to wait until the original return is processed, is that it could cause problems in processing the return and the amended return.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
LenaH
Employee Tax Expert

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

In addition to what was stated by @LudwigVan_fan, the federal amended tax return, Form 1040-X, for tax year 2021 is estimated to be available in TurboTax on 03/17/2022.

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If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

Thank you. I will file that then. That will make it much easier doing it via TurboTax as this is where I submitted my tax return. This is my first time submitting taxes being self employed. 

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

Thank you. I was hoping it would not be to complicated. This is my first time filing self employment and I did not math everything correctly like I thought. 

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

The 1040X amended return has moved up to Feb 25 according to this list

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html 

 

@LenaH 

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?

Where do I put the stimulus money at or do we not need to claim it 

 

 

If I need to add an additional $6,000 to my income for 2021, how would I go about fixing that?


@goldeneaglefarm1 wrote:

Where do I put the stimulus money at or do we not need to claim it 

 

 


You must report the 3rd stimulus payment received on your 2021 federal tax return.

Complete the 2021 federal tax return and the program will take you to the Federal Review section where you will be asked about the 3rd stimulus payment.

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