Wrong Proprietor Name and EIN # on Schedule C (for my wife's business)

[jay859]

After I filed electronically, my wife needed a copy of her schedule C and i noticed my name (and not hers) was listed as proprietor on the schedule C.  Somehow, the EIN # was not correct.

I have not heard back from the IRS yet and the where's my refund states "your tax refund is still being processed" I filed back on Feb 21 so I would have thought I received the return by now.  I wonder if they could be holding up on the incorrect info mentioned above?

Should I correct and submit and amended return?  I have fixed the errors already but have not resent.  If I do...

• to make things move complicated, my wife had unemployment (from previous job) that we claimed as income, but then the IRS allowed for $10,500 to be excluded AFTER I filed ,,,,which I understand the the IRS would correct and amend the refund.
  • If I send an amended for my errors, should I just go ahead and take the $10,500 unemployment deduction on the amended and not wait for the IRS to do it?

[ColeenD3]

Yes, you should amend to correct the name on Schedule C. As long as you are amending, you can include the $10,200 exclusion.

[Bambina]

I made the same mistake, e.g. wrong name and EIN on Schedule C. Do I need to amend the entire 1040 or just schedule C? I am using the downloadable version of TurboTax Home Business 2020.

Thanks

[DMarkM1]

You will just amend the schedule C along with a 1040X explaining the changes.  However, you should wait for your original return to be processed (refund deposited or letter from IRS).  The IRS may catch the disconnect and send a letter requesting further information.  At that time you can submit the changes per the instructions in that IRS notice. 

[Bambina]

Thanks for the reply. The money we owed was deducted from our checking account by the IRS. 

However, I am no questioning whether after all, I didn't make the error. I used TT Home Business (application version) which doesn't keep the file like TT online so I cannot verify that I've made the error. 

Is there a way for me to get access to the original file that TT submitted on my behalf to the IRS?

[DMarkM1]

You should be able to sign in to your TurboTax account using a browser (Chrome, Firefox, Explorer, etc) and use the print/download option to get a copy of all the forms/worksheets.

[jay859]

The IRS did not catch the issue and we received a refund.  However they did not amend  for he $10,200 unemployment deduction (I understood they would recalculate the refund due the $10,200 unemployment exclusion if you had already filed before this came out)

Should I send in amended form for the $10,200 unemployment income exclusion AND the correct EIN business number /name....or just amend for the $10,200 only (since they did not catch the business  EIN/name  error)?

[CatinaT1]

No, do not amend - related to the Unemployment Exclusion- 

  

...there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you. 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m... 

[jay859]

Thanks.  Since my refund took so long after the unemployment announcement ...I thought they would adjust my calculated refund and add the difference.  But you are saying they will send out a second refund check later his summer?

[JotikaT2]

It depends. 

The IRS has just started issuing refunds related to the unemployment income exclusion. 

If your refund was received prior to May, then yes, you may be getting another refund soon.

@jay859