Should I amend my return to correct the question about being able to be claimed as a dependent?

[elastictuba]

I incorrectly stated that I could be claimed as a dependent before learning that i am ineligible to be claimed. Should I amend? The reason I ask this is because of the IRS’s distinction on stimul

[SForrestLO]

Please see this Turbo Tax FAQ on when to amend.

https://ttlc.intuit.com/community/amending/help/do-i-need-to-amend/00/27607

To amend your 2019 tax return: Wait to see if your return has been accepted or rejected by the IRS or state. If rejected, you can correct and re-send your return. If accepted you should wait until your return has been processed and you receive your refund or conformation that any tax due has been paid. If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time. In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment. Amended returns can only be mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing. Be sure to save a copy of your return before you begin to amend. 

How do I amend my 2019 TurboTax Online return? https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

To Amend on Windows. https://turbotax.intuit.com/personal-taxes/cd-download/amend/ty19/

[elastictuba]

SForrestLO,

That gives a general basis on amending, but doesn't really address my question. My question is about a line of the tax form being incorrect (specifically the line about the ability to be claimed as a dependent) and if I should amend for that.

I need to know should I amend, not how to amend.

[ReginaM · Accepted solution]

Yes, you should amend your tax return if you were incorrectly filed your tax return in regards to your dependency.

[elastictuba]

Thanks Regina,

Another question, my refund has been completely approved and is now in the process of being sent. Can I go ahead and file an amend now, or should I wait until the refund is deposited? It's worth noting that the amend doesn't change my refund amount, just potentially my eligibility for COVID-19 stimulus payments, and since those are being said to take place extremely soon I don't want to potentially miss out due to one incorrect question on my tax return.

[DeanM15]

You should wait until your refund has been deposited in your account, then amend your return. 

The stimulus payment is an advance on a tax credit for the 2020 tax year. If you are a dependent in 2019, but not in 2020, you will not receive a stimulus payment this year, but will receive one when you file your taxes next year. 

If you amend your 2019 tax return, you would not get the payment until after the return has processed. The IRS is not currently processing mail-in returns and amended returns are mail-in. Generally, a mail-in amended return takes 6 weeks to process, but at this point, it is impossible to tell how long it would take. 

[elastictuba]

Thanks for the other information, but I don't understand where you got that I said I was a dependent in 2019. I'm not. In fact the whole problem was that I mistakenly put that I was able to be claimed in 2019 (no one has claimed me however, as they are not able to).

[hodway]

Elastictuba: 

I came looking for that answer myself... From my understanding here on this thread (taking into concern your 2019 return has been filed and accepted and your desire to be immediately eligible for the covid stimulus ) filing an amended return, which cannot be E-filed but must be submitted on paper via US mail, will cause a substantial delay because the IRS is not currently accepting any paper returns at all due to the pandemic. However, since the stimulus is considered an advance on next year's taxes, those who don't qualify due to dependency status will qualify for the stimulus next year if filing as independently. I similarly am facing the same quandary. If as you say, no one will claim you despite the mistake, you might visit the Free File website also by TurboTax/Intuit and try filing as an independent. If it is accepted and processed and your stimulus comes this year, you have three years to submit a 1040X to correct the inconsistency.