Yes you will need to file an amended return. Fortunately, TurboTax allows a FREE amended return, form 1040X that can be e-filed. You will be able to set up payment at that time.
Once you file your return you can't change it. You will need to do an amended return. However, to amend your return, you will need the form 1040x. This form is not scheduled to be available until 3/25/2021.
Follow these instructions to amend the return:
- Sign in to TurboTax.
- Scroll down to Your tax return & documents (you may need to select Show), select 2020 and then Amend (change) return.
- If you only see the option to amend 2019 or earlier, it's because you can't amend an unfiled 2020 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
- Select Amend using TurboTax Online.
- Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
- You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
- If e-filing, you’ll review, sign and transmit your federal return. If not, we'll give you instructions to print and mail your amended return.
Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool. Please allow at least 16 weeks for the IRS to process your amended return.
Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.
The form W-2c will come from your employer. By law they have to make it available to you, but they are not required to mail it to you. So, they may mail it to you or just tell you it is available for download from their website, but your employer should inform you of when it is ready.
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