It is recommended that you file an amendment
and include the 1099-C. You will need to file an amendment to determine if you will have to pay taxes on the cancelled debt.
Before
you amend your return, here are three things you need to know.
First, make sure you got your refund or
paid your taxes due; you want to make sure the government doesn’t get confused
with your money, so the original return needs to be all squared away before you
amend.
Second, print a copy of your original
return and have it right by your side when you start to amend in TurboTax.
Trust us; this is really important.
Third, you can amend this year’s return
only with this year’s version of TurboTax. If you want to amend your return
from a prior year, use that year’s version of TurboTax.
To
start your amended return, go back into TurboTax, open the return that you
already sent in, and on the first page you see, click on the link to amend
your return.
Remember
before you amend: amend only if you need to make a change on a return you have
already filed. Wait until you got your refund or paid your taxes. Have a copy
of your original return at your side before you start. And be sure you use the
correct year’s version of TurboTax. Don’t worry, TurboTax will walk you
through the entire amend process.
TurboTax
walks you step-by-step through amending your federal and state income tax
returns. You won't have to start all over all you have to do is add the
new form(s). This will not affect the tax return that you have already filed.
It is
recommend that you wait until both your federal and state returns have been
accepted before you amend in TurboTax. You will have to mail your amended
federal return to the IRS and mail your amended state return to your
state's department of revenue.
See How
to Amend (Change or Correct) a Return You Already Filed to amend your income tax
return. After you complete the amendment you will have to mail
your amended return to the IRS. .
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