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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.
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.
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.
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.
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.
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.
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