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parker-morrow3
New Member

Should I amend my 2020 taxes? I forgot to include my 1098T, but my financial aid consisted of grants for tuition.

I filed my taxes before I got the form... I know it is an issue when it is for room
4 Replies
macuser_22
Level 15

Should I amend my 2020 taxes? I forgot to include my 1098T, but my financial aid consisted of grants for tuition.

If it will change the tax due or refund amount then yes.

 

The amend function will be available after March 25.

If you filed, it is like dropping it into the mail - you cannot get it back if accepted by the IRS or state.

Do not rush to amend - no hurry. You have 3 years to amend and amended returns are taking 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.


To amend your 2020 tax return:

-- First, *wait* to see if your return has been accepted or rejected by the IRS or state. DO NOT do anything until you receive the accept or reject e-mail.

-- 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 – a sticky process that can take a year or more).

-- Then you can start the amend process.

It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it. That is the only proof of mailing that the IRS will accept.

-- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.


See this TurboTax FAQ for help with amending:

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
https://www.irs.gov/filing/wheres-my-amended-return


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
parker-morrow3
New Member

Should I amend my 2020 taxes? I forgot to include my 1098T, but my financial aid consisted of grants for tuition.

I do not believe it will. It was a grant of $300 which was never used. Additionally, my mom claims me and so we don't claim anything with the AOTC either. How would it affect my return though and the amount I got back?

parker-morrow3
New Member

Should I amend my 2020 taxes? I forgot to include my 1098T, but my financial aid consisted of grants for tuition.

Although the grant was given in 2020, it was for the 2019 fall term. I additionally, still had to pay out of pocket for the rest of my tuition and books etc. 

MaryM428
Level 6

Should I amend my 2020 taxes? I forgot to include my 1098T, but my financial aid consisted of grants for tuition.

Amending with TurboTax is a fairly easy process and will keep your tax records correct.  You will need to use a computer to amend your 2019 return.

 

To amend your 2019 return, sign into TurboTax with the same userid you used to file your 2019 return.  Go to Tax Home and then Your Tax Returns and Documents at the bottom of the page.

 

Select 2019 and then 

Amend (change) my 2019 return

Follow the steps to amend your 2019 return

You can make your changes and then print and mail your return.

 

The amended return must be printed, signed, and mailed.  The first page of the printout will be a cover sheet with directions, a list of any documents to include with the return and the address to mail the return.

 

Always remember to sign the return before mailing.

 

You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.

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