Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?
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susanlucy45
New Member

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

Turbo Tax should have alerted us to this oversight since most people our age collect social security.
6 Replies
Bsch4477
Level 15

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

Since the amount of social security being taxed, if any, depends on your other income, be sure that it does affect your tax liability.

You are responsible for reporting all income. Not all retirees get social security.
1943harleybillandsue
New Member

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

Turbo tax failed to ask for my social security income. I have already have filed my taxes for 2020. I was comparing my 2018 taxes and realized that there was no social security income on my 2020 return. I usually have to pay taxes and this time I show a refund now I know why. how do I proceed know.

xmasbaby0
Level 15

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

 

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.

 

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

 

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return. 

 

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.

 

  Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
1943harleybillandsue
New Member

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

I am new at this, how will I receive the answer to my question

DaveF1006
Employee Tax Expert

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

Yes, you should amend your return to include your social security and if you amend and file this return before May 17, there is no interest or penalty to be concerned about. Here is how to amend and enter your information.

  1. Log into Turbo Tax assuming you use Turbo Tax online
  2. When you reach the landing page, scroll to the bottom where your tax returns and documents are.
  3. Select 2020, and click on the option to amend and change return.
  4. Answer the questions about why you are amending
  5. Once you begin working in your return, your refund monitor will reset to 0. 
  6. Go to federal>wages and income>Retirement Plans and Social Security>show more
  7. Social Security (SSA-1099, RRB-1099)>Start

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fanfare
Level 15

Should I submit an amended return since I failed to report social security income? This was an oversight. Is Turbo Tax liable for interest and penalty?

You should amend,

OR
let the IRS adjust your tax return for you.

if you amend and revise you return , you should be able to e-File 1040-X

you can pay the additional tax online at IRS website.

be sure to select "amended return - 1040-X".

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