I am filing an amended return for 2021 due to section 1256 contracts loss election taken on my 2022 return. I understand I can file my 2021 amended return electronically and also request direct deposit for refund. However there is no place on the 1040-X form to indicate the direct deposit information and when I go back the info worksheet where the bank information was previously shown and change my answer to the question "Do you want to elect direct deposit of any federal tax refund" from no to yes, turbotax flags this as an error that needs to be corrected. Last year when I filed 2021 tax return I owed money so this box was checked no and the box for question "do you want to elect direct debit for federal balance due" was checked yes. Can I go ahead and file my return with this flagged error and still get the refund via direct deposit? Or is there somewhere else I am supposed to make this election?
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Using TurboTax there is not direct deposit available for a tax refund from a 2021 amended return. You can only have a refund check mailed to the address on the amended tax return.
Why do the instructions state "Beginning in February 2023, if you electronically file a Form 1040-X for tax year 2021 or later, you may request your refund be directly deposited into your checking or savings account."?
From what I have seen from other posters is that this was the plan but it has not yet been implemented.
The IRS did implement it BUT ONLY if you efiled the original return and CAN efile the amendment then the direct deposit can happen. Sorry to say the TT program only allows efiling of amended returns for the current tax year only and only up until the efile season closes each year in October. A 2021 amended return must be mailed in and the refund check mailed to the address on the 1040X.
Unfortunately you are right. I talked to TT help support and apparently they did not have time to update for desktop TT software which is what I have. Now I am finding out I can't even file my amended return because it won't let me use a date past 12/31/2022 for signature date. Its advertised I am supposed to be able to electronically file amended return for 2021 as I filed electronically last year for 2021 and was accepted. Does anyone know a way around to be able to file amended return electronically?
At this time TT doesn't NOT allow you to efile a prior year original or amended return after efiling for that said tax year for filing return has closed. This may change in the future but it is not allowed at this date.
Hense a 2021 return had to be efiled by 11/1/22 when the efiling for the 2021 returns closed last year. ONLY paid professionals have the ability to efile a prior year return when the efile system is operational. Some paid professionals like me can efile 2020, 2021 & 2022 returns at this time. After the efile system is closed this November all efiling is closed for the switch to the 2023 tax program. When that opens up in January 2024 then I can efile 2021, 2022 & 2023 returns. These are the IRS limits ... the fact that TT futher limits the efiling system that is their right. So all you can do is print, ink sign and mail in the return at this late date.
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