How do I amend my taxes after they’ve been accepted

[CatinaT1]

If you filed, it is like dropping it into a mailbox - you cannot get it back.

You'll have wait until your return is either accepted or rejected.

• If rejected, you can make any necessary changes.
• If accepted, you'll need to amend your return. 
• To avoid unnecessary delays, do not amend until your original return has been fully processed.  You will need to print and mail the amendment.  
• Allow 8-12 weeks for processing.

See this TurboTax FAQ for help with amending.

You can check the status of your amended return here, but allow 3 weeks after filing for it to show up.

[Cam1985]

I received a 1098-T for $1,970 from my college and box 5 is $0.

Usually my parents claim me on their taxes - and they did not this year.  They did not think they could because I graduated in May.  I have already submitted my taxes through turbotax - both state and federal have been accepted.  Do I need to amend my taxes - and is it worth doing so? 

Also, do I need to wait until I receive my refund or should I do it now?

Thank you.

[Cynthiad66]

Yes, if you qualify it is worth it to amend and yes you will have to wait until you receive your refund.  TurboTax allows you to amend Free.  You should just play with the software to see whether it is worth your while.  Here is how:

First, make sure you really need to amend and that your 2020 return was accepted in TurboTax Online or paper-filed through the mail. You can't amend a return that hasn't been filed yet.

1. Sign in to TurboTax.
2. Scroll down to Your tax return & documents (you may need to select Show), select 2020 and then Amend (change) return.
   • If you only see the option to amend 2019 or earlier, it's because you can't amend an unfiled 2020 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
3. Select Amend using TurboTax Online.
4. Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
5. You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
6. If e-filing, you’ll review, sign and transmit your federal return. If not, we'll give you instructions to print and mail your amended return.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool.  Please allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.

Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

• Maximum credit is $2,500 per eligible student.
• Must be enrolled at least half time for at least one semester during the tax year.
• Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.

• Maximum credit is $2,000 per tax return.
• Can be used when you're only taking one class.
• You don't need to be working towards a degree.
• None of the credit is refundable.