When to submit an amended return?

[DomStamegna]

I submitted my taxes for 2020 yesterday.  After I did I noticed that I entered the wrong information for my Social Security income -  I entered the info from the wrong box.   The difference is about $600 less on my refund.  Should I submit an amended return after the IRS receives my first filing Or wait until they process. I am sure they will catch the error and adjust my refund but What is the best way to handle this kind of error? 

[MayaD · Accepted solution]

Wait until the IRS either accepts or rejects your return.

If the IRS rejects your return, you can make the changes and re-submit your return.

If the IRS accepts your return, you have to wait until it has been fully processed and you have received your refund. Then you can prepare an amended tax return and mail it in. 

1. In TurboTax, scroll down to Your tax returns & documents. Select Show and then select Amend (change) return, and then Amend using TurboTax Online. (If you don't see Your tax returns & documents, select Tax Home on the left.)
2. Select the reason you’re amending and follow the instructions.

[DomStamegna]

Thanks,  that helps me!

[Weimaraner]

I submitted both federal and PA state returns via email. I have already received my Federal refund in my bank today. And I have already paid my state taxes due via bank debit. However, we received an unexpected 1099-NEC on February 3 which was the day that I e-filed both returns. 

I re-entered the new 1099-NEC information into turbo tax and I don't want to proceed past go until I get confirmation on what I should do.

It appears that I will end up with an amended State return, but I should also have an amended Federal return and it doesn't appear that will happen.  

What should I do? When should I do it? What did I do wrong?

[Cynthiad66]

You will need to file amended returns.  What you did wrong was to enter the information on the Federal segment of the return.  IRS is not yet accepting  amended returns so you will have to wait until the end of February to submit your amended returns.

Good thing is that you can amend for Free using TurboTax and it is a simple process.  When you update the federal it will prompt you to update the state return, as well.  You can file the amended returns electronically.  

If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.”

Additional Information on Amending your Return