Yes, you should file an amended return to correct this 1099-DIV. Filing an amended return with TurboTax is not a complicated process. TurboTax will guide you through this.
You can file an amended tax return to make the correction. Filing an amended tax return with the IRS is a straightforward process.
It would be best to wait until the IRS has accepted your return before you file an amended return.
-follow these link(s) for more in formation for filing a amended return-
If you have already filed 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, make the 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.
You will have to wait also, because the IRS hasn't yet released the 1040X for tax year 2020. Until the IRS releases the form TurboTax cannot include it in their software. For current information on forms availability please click on the applicable link below:
IMPORTANT: 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.
Please see the instructions contained in these TurboTax articles to amend your return:
- How to amend (change or correct) a return you already filed
- How do I amend my 2020 TurboTax Online return?
If you're thinking of amending because of the recent changes concerning unemployment compensation, please don't. The IRS has stressed to NOT amend at this time.
We do not yet have updated guidance for those who have filed their returns, but please see this TurboTax Help article: How do I get the new unemployment benefits if I’ve already filed my taxes? It has the latest information and contains a link for you to sign up to be notified when changes occur.