How to amend my 2020 return?

[CommunityQuestionner]

Approximately four years ago, I submitted my Form 1040 via TurboTax on time for the 2020 year. Now I want to amend my 2020 return and add $3,000 gift income. Which forms do I need to fill out? Should I do this myself? I think I will owe a little bit of money to the U.S. Treasury, so will I pay with a check from my checking account? Can you tell me what I need to do?  

Thanks.

[xmasbaby0]

Gift income?   Money you received as a gift is not entered on a tax return.  Gifts are not taxable and gifts given to  others are not deductible.

[CatinaT1]

You do not need to add gift income to your tax return. A person can gift so much per year without there being a gift tax return needed. 

[CommunityQuestionner]

I know that I am not required to report this, but I want to report that I received the gift.  I have been reporting gift income as Miscellaneous Income on my tax return in recent years.  How would I do this?  

[CatinaT1]

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. 

• You must first wait until the initial return is completely processed.
• You will have to use the same TurboTax account that you used for the original tax return.
• Once you begin your amendment, you'll see your original return.
• The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Only make changes to the areas of your return that need to be corrected.
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions. 

Amend TurboTax Online 

Amend TurboTax CD/Download 

[CommunityQuestionner]

So is it now absolutely too late to amend my 2020 return?  

[CatinaT1]

No. Here is an IRS FAQ. 

[fanfare]

you're paying income tax on income that is not taxable.

It would besimpler to just write a check to US Treasury marked " for debt reduction".

@CommunityQuestionner 

[CommunityQuestionner]

I understand that I would be paying tax I'm not required to pay, but I need to report this gift income for other purposed outside of the IRS.  

So, since it is too late to amend my return via TurboTax, then I'll be submitting paper copies of the 1040X and 1040V and my payment via snailmail?  Or is there another way?  

Thanks.

[SharonD007]

Yes, printing and mailing your 2020 amendment is the best way to go.

[CommunityQuestionner]

Thank you.  I haven’t amended a return outside of TurboTax before.  I’m feeling kind of ignorant on this.  So I should expect to submit via snail mail the 1040X and 1040V and my payment?  Anything else?  Thanks!

[AnnetteB6]

Yes, you will need to mail the amended return and payment.  There will not be a 1040-V included since you are preparing the amended return by hand.

Use the following link to find the 2020 version of Form 1040-X on the IRS website:

Prior Year Forms, Instructions & Publications Search

@CommunityQuestionner