i mixed up returns, please advise.

Forum|Forum|7 years ago
April 22, 2019
1 reply
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Hi!

Please help. I have 3 businesses. 2 of which i was reporting $0s on and a 3rd i was reporting a profit. I mistakenly mixed up the one I was suppose to be reporting a profit with one i was suppose to be reporting a $0 and sent that. (mainly because one of the $0s was my primary business the year before.)

How should I approach the situation?

Call and ask to cancel because i sent the wrong return or what?

Thank you so very much.

Other

Best answer by Anonymous_

Yes Tagteam you are correct. The business that was suppose to show a loss shows a profit and another business shows a profit when it should show a loss. Furthermore I filled the tax returns electronically (e-file).

No text available

Kat11_2

Alumni - Champ

Are these Schedule C businesses? If so, you'd need to amend the return (can't be cancelled once it's been accepted by the IRS) to reflect the correct information. All 3 business were reported on in TurboTax Self-Employed or Home & Business programs, correct? The TurboTax FAQ below will instruct you on how to amend your 2018 return. Please wait until the original return has been completely processed and any payment or refund has been made. Additionally, an amended return cannot be e-filed. It must be printed, signed and mailed.

"How do I amend a 2018 return in TurboTax?"

https://ttlc.intuit.com/replies/7276605

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

warith3140Author

Level 3

All 3 businesses were filed as schedule k (partnerships) and yes the businesses were reported on turbo tax. Approx how many days after filing does it usually take to receive a "processed" confirmation email from the IRS?

Thank you so very much for your help

Anonymous_

Level 15

@Anonymous_Do you agree with my initial answer that the user should amend? There should be no tax consequences, I believe.

@Kat11_2 wrote:
@Anonymous_Do you agree with my initial answer that the user should amend? There should be no tax consequences, I believe.

I believe so because it appears as if the only issue was the wrong entries were made under different EINs (i.e., the taxpayer entered zero profit under the EIN that actually showed a profit). So, those two returns should be amended and doing so should be a relatively simple matter.

I still can't figure out whether @warith3140 filed electronically or my mail (not that it matters much with respect to amending).