I have the TurboTax 2020 CD version of the software. I completed and filed our return and have received our refund. We just received a revised 1099-R form from our financial advisor. So, I went ahead and amended our tax return with this new information. I noticed the software said amends area is not yet ready, but saw it offered to allow me to continue. After completing the amendment, I realized the message meant there was no 1040X tax form available in TurboTax. My question is, do I need to undo this amendment or just wait until the 1040X form becomes available?
You do not have to change your amendment. You'll just have to wait. The 1040X is due to be available on 03/25/2011.
Since you have the CD version you can update the software as soon as it is available.
Do not rush to amend - no hurry. You have 3 years to amend and amended returns are taking 4-6 months or longer to be processed so waiting a few weeks will make little difference and amending too soon might just compound the problem. (If you amend today you probably will not see the results until August or September).
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 – a sticky process that can take a year or more).