Need to file Amended Return for 2020

[psunlion]

I filed Federal taxes and the return was accepted in March using TurboTax (TT) and owed $2407.    I went back to file an amended return due to $10K Unemployment issue.  It now shows that I will only owe $207. 

TT is telling me to hold off so I cannot file amended return at this time.  That is OK but it is important that I file an amended return for 2 reasons :

1) I need to print out a new voucher that shows I only owe $207 and send it in before 5/17/2021. 

2) My AGI before the $10K was $93K, afterwards it would be $83K.  This is important to Social Security in that the $93K puts me in a higher Medicare cost bracket which would cost me over $700+ more per year.. 

Can TT ensure me that I can file an Amended Return before the May 17th date???

P.S. I will not need to file an amended file to PA since they do not tax unemployment $.

[KrisD15 · Accepted solution]

No, you will NOT file an amended federal return. The IRS will adjust returns which have already been filed. The TurboTax program has also adjusted your copy of your 2020 return in your TurboTax account. 

The IRS will adjust the return and report the adjusted (correct) AGI to the Social Security Administration.

You should be able to print a voucher for the adjusted tax due by going into your Documents folder located on the left side bar under Tax Home. 

You also may simply mail in a check with your Social Security Number and the phrase "Tax Year 2020".

You may also print a voucher from the IRS site or make a payment online. 

Print 1040-V

IRS Online Payments 

[Cynthiad66]

Please provide additional details about your picture.  For what reason, to upload or send to IRS or what for and perhaps we can make suggestions on how to make a picture.

[Rebee3329]

I disagree with all the comments about NOT filing an amended return if you now have tax free unemployment benefits. When I filed my 2020 taxes in March, I owed money. When the relief bill was passed, I not only received the $10,200 tax free, but also do not have to pay the advance premium credit for 2020 health insurance. Following everyone's advice, I've been waiting for a letter from the IRS with the corrected tax info (Turbo Tax calculated a refund larger than the amount I originally owed.) Today a letter came from the IRS but it was not regarding my refund, it was stating that I owed the original taxes due from the return filed in March, with penalties. Obviously, the IRS right hand doesn't know what the left hand is doing. So I definitely want to file the amended return.

[xmasbaby0]

@Rebee3329 

Amended returns take at least six months to be processed---so amending is not an effective way to resolve your issue.  The IRS does not want amended returns for the unemployment tax law change.

We are starting to see a lot of questions like yours.   Since you prepared your tax return and filed before the tax law changed for the tax on unemployment, you owed tax due and then learned you should not owe so much or might even get a refund---so you did not pay your tax due by the May 17 deadline.   Now the IRS computers are churning out notices to people who did not pay their tax due.

Eventually---sometime during the summer--- the IRS will recalculate the amounts of tax due or refunds for people whose returns were filed before the law changed----but it may take a few more months.

Call the number on the notice you received from the IRS----it will probably be hard to get through---but be tenacious.

[Takeitownit1]

I didn't receive a deposit to my bank account and was told to file a 1040x to amend. What should I do?

[xmasbaby0]

@Takeitownit1 Not so fast.   We need to understand what deposit you think you were supposed to receive and why amending was suggested as the way to solve the problem.   Please give us some details first.   If amending is the wrong approach it will just complicate things for you.

[Takeitownit1]

Did you mean my profile picture?

[xmasbaby0]

@Takeitownit1 No we do not want your profile picture.    You said you did not receive a deposit.   What deposit?   Do you mean you did not receive your tax refund?   Or do you mean you got your refund but it was less than you expected?

We need to understand WHY you want to amend.    What exactly are you hoping to accomplish by amending, and who suggested that you amend?

[VolvoGirl]

What?  Huh?  Nothing to do with your profile.  Why do you think you have to amend?  You should not amend until the first return is fully processed and you get the first refund or pay the tax due.

Was your return Accepted?  You can check your efile status here     

https://turbotax.intuit.com/tax-tools/efile-status-lookup/   

When you efile you get back 2 emails.  The first email only confirms the transmission.  The second email says if the IRS (or state) Accepted or Rejected your efile.

When you log into your account you should also see the status and if it was Accepted or Rejected, Started, Printed, Ready to Mail, etc.  What does it say?

[Takeitownit1]

The American Rescue plan I was supposed to have received direct deposit but I haven't and I'm not sure how to traced it so I was recommended to do a 1040x Amend.

[VolvoGirl]

Which part of the plan?  Did you file early before the unemployment exclusion?  Or haven't got the 3rd Stimulus payment for 1,400?  Is your original return finished processing?

[xmasbaby0]

@Takeitownit1 

Did you file a 2020 tax return?

If you filed a 2020 return, have you received your refund yet?

Was there an amount on line 30 of your 2020 tax return?

Are you missing one of the stimulus payments?   Which payment is missing?   Did you get the first one in 2020 that was for $1200 for adults and $500 for children?   Did you get the second one that was for $600 for each person?   

Who recommended that you prepare a 1040X?   Who gave that advice to you?

[Akdowe2019]

Can I possible file my 2020 / 2021 

[PattiF]

You need to file a separate tax return for each year. Here is a link to File your 2020 taxes. You can file the current year's tax return for 2021 and file this electronically.

@Akdowe2019