Sale of stock cost basis entered incorrectly

[donchm]

I imported all of my stock sales from Vanguard.  One stock did not have a cost basis because it was inherited 4 years ago.  I entered the cost basis with a date of 2015, but somehow ended up as short term capital gain.  I have already filed my federal and CT state tax returns.  How do I correct both tax returns and file an amended return.  IO have never filed an amended return before.

Thanks

[KarenM90]

Please be sure to wait until your return is accepted or rejected before amending.

If it is rejected, you can go into your return and make the correction.  

If it is accepted and contains incorrect information, you can amend the return and re-file it.

To Amend your return in Turbo Tax Online follow these steps:

1.  Sign in to your Turbo Tax Account

2.  Scroll down to  Your tax returns and documents and select Amend (change) 2019 return, then Amend using Turbo Tax Online.

3.  Select the reason you are amending and Continue

4.  Answer the questions about your Federal return, (there may be no changes) then begin amending your State return when it says "Lets get started on your state taxes...."

To Amend your return in Turbo Tax Desktop;

1.  Open your tax file you need to amend and select Online and Check for Updates.  

2.  Go to the Federal Taxes tab (or the Personal Tab, if you are using Home & Business) and select the Other Tax Situations Tab.

3.  Scroll down to Other Tax Forms and Select Start next to Amend a return.

4.  Answer the appropriate questions for the State and Federal Returns.  

Please note that amended returns need to be mailed and can take IRS 12 or more weeks to amend.