@Bryan1971 As an independent contractor, the program would have asked you questions about your business and income. If not, you may need to amend your tax return to correctly report your income and Self-Employment taxes, Medicare and Social Security.
- When you amend your return, it will generate the sch C for you to get the PPP. You can do the amend now, and file the amend later.
- The recovery rebate credit was asked during the federal review section.
- You definitely want to save a copy of your original return before changing anything.
Once your original return is accepted and the finances are settled, you can file an amended return.
- Save a copy of the original return before doing an amended return. See:
- Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
- Use separate forms if amending more than one tax year.
- Each year on its own form
- Each year in its own envelope
- Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return? Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.
Related:
Small Business and Self-Employed Tax Center - complete guide
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