Made mistake in type of Deduction (Standard vs Itemized) - would this qualify for filing a subsequent Amendment Tax Form?

[BZ10]

Hello,

I filed both my Federal and California State Tax Returns for 2023. My Federal has been accepted and my State is Pending status.  I mistakenly took the Standard Deduction when I actually should have taken the Itemized Deduction.

Am I eligible to file an amended return to fix this mistake? If so, when should I file the amendment? Will one form correct for both or do I need separate forms? 

Would appreciate your insight.

[xmasbaby0]

If you entered enough itemized deductions to exceed your standard deduction, the software would have automatically used itemized deductions.   If you did not enter enough, then it defaults to standard deduction.   Do you mean that you forgot to even enter your itemized deductions?   Why do you think amending would help?

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

[BZ10]

@xmasbaby0  If you are asking me what happened while completing returns in TurboTax, when it came to deductions, TubroTax software had a roughly a statement, "Looks like you had standard deduction last year" and I clicked standard deduction and never got to itemize my deductions. That was in error - last year, I did submit itemize my deductions but had not used TurboTax so not sure why it was suggesting standard deduction for me. This is my first year using TurboTax.

I was not able to find anyway in TurboTax to correct a return that was already submitted. Federal got accepted quickly so I figured that would now definitely need an amendment if it qualified. The CA State was pending but unable to find any option to retract to correct - limited options. And that could be because I submitted both together, I'm guessing.

Going back to my original question, the tax returns have been accepted -both now (Federal and California State), I would like to amend my returns by changing from standard to itemize deductions but was hoping to find out if it qualifies for an amendment and if one form (1040-X) can address both returns, and the recommended time to this this at. I may now need to wait for IRS to process completely.

[xmasbaby0]

So.....you did not enter your itemized deductions at all?

Wait for the return to be processed, and then amend to add your itemized deductions like mortgage interest, etc.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

https://ttlc.intuit.com/questions/2824532-i-need-to-amend-my-state-return

It takes the IRS 4-6 months to process an amended return---do not expect quick results.

  You can watch for information here:

https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1