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2 replies

Level 15
March 14, 2021

If you have more than one 2020 W-2 and filed only one of them you are going to have to amend your tax return after it has been fully processed.   You were supposed to enter all of your income on the same tax return.   When the IRS processed the return you filed you can prepare a Form 1040X to include the rest of your 2020 income.

 

 

Do not try to change anything on your return now.  When you amend, your Form 1040X has to be prepared from the return exactly the way it looked when you filed it originally.   You have to wait.   Once your return has been processed you will complete a Form 1040X   --- which is not yet available --- and submit it to amend the mistakes made when you filed your original return. It takes the IRS at least four months to process an amended return.

The Form 1040X you need is under revision and is not ready yet.  The Form 1040X does not become available in the software until March 18 (subject to change).

 

 

https://www.irs.gov/forms-pubs/new-information-for-form-1040-x-filers

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
macuser_22
Alumni - Champ
Alumni - Champ
March 14, 2021

You must report ALL of your income.     The IRS might pay the refund and then when they find the income you did not report they will send a bill and penalty.

 

You need to amend and report all income.

The amend function will be available after March 25.

If you filed, it is like dropping it into the mail - you cannot get it back if accepted by the IRS or state.

Do not rush to amend - no hurry. You have 3 years to amend and amended returns are taking 4-6 months or longer to be processed so waiting a few weeks will make little difference and amending too soon might just compound the problem.


To amend your 2020 tax return:

-- First, *wait* to see if your return has been accepted or rejected by the IRS or state. DO NOT do anything until you receive the accept or reject e-mail.

-- If rejected, you can correct and re-send your return.

-- If accepted you should *wait* until your return has been processed and you receive your refund or conformation that any tax due has been paid. (If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time). In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment – a sticky process that can take a year or more).

-- Then you can start the amend process.

It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it. That is the only proof of mailing that the IRS will accept.

-- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.


See this TurboTax FAQ for help with amending:

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
https://www.irs.gov/filing/wheres-my-amended-return




 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**