Filing an amendment on already filed return due to TurboTax notification

[ArnoldR]

I received following email from TurboTax after I already filed my return and received the refund:

Hi there,

‌

We’re reaching out to you because we’ve identified an error that might impact your 1099-INT data in TurboTax. The error isn’t with your Form 1099-INT itself, just the box 1 data TurboTax received. Please follow these steps to make sure the information in TurboTax is correct:

1. Sign In TurboTax
2. Open or continue your return
3. Navigate to Income then Investments and Savings to find your 1099-INT(s)
4. Select Edit next to your 1099-INT (if you have multiple, please check each)
5. Compare what’s in box 1 of a physical or electronic copy of your 1099-INT with what’s in TurboTax
   1. You might have multiple accounts on a single Form 1099-INT, so please make sure that the amount in box 1 is the total interest income from all the accounts listed on that form.

After following above steps, we confirmed that we missed reporting other 1099-INT interest incomes in other accounts.  How do we correct the misreported 1099-INT income? Do we edit the existing turbotax file or do we create a separate new turbo tax file to amend the previous one? This is the first time we are amending an already filed return. Please help.
Thanks

[VolvoGirl · Accepted solution]

You start with the current existing return.  Start the Amended process then enter the missing interest.

How to Amend the current year
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

It's under Federal Taxes Tab or Personal (Home & Business)
Other Tax Situations
Other Tax Forms
Amend a Return - Click Start or Update

[ArnoldR]

When I click the link, it looks I am going to re-enter all my income again (W2, etc.) , is that correct?  Why do I have to re-enter everything again? Can I just open the 2024 Turbo Tax File that I e-filed and got accepted already and just revise the 1099-INT incomes?

[VolvoGirl]

No you don't enter anything again.  Where are you stuck?   What screen are you on?  

[ArnoldR]

So the steps I used to add missed 1099-INT income is:

1. Re-Open the 2024 Turbo Tax file I used to file my return. This is the file I e-filed and it got accepted and I got the refund already.

2. In the file, I went to Federal Taxes tab, and click Wage & Income menu option.
3. In the Your 2024 Income Summary page, I clicked Update button beside the Interest on 1099-INT .  Edit the 1099-INT Income amounts by entering the supposed "Totals (box 1)" of 1099-INT items (instead of the amounts in individual accounts which were the ones got auto-imported). I selected "None of these apply" option on the next page that asked "Do any of these uncommon situations apply?".

4. I select "Confirm" at the bottom of the "Wages & Income" page. That is all the amendment I need to make on the 1099-INT income amounts.

5. I proceeded to just click Done on the "Deductions & Credits".
6. In the "Other Tax Situations" page, I found there is "Other Tax Forms" - "Amend a Return" item. Should I click "Update" button beside it?

What should I do next  after this step?

[VolvoGirl · Accepted solution]

Are you using the Online browser version or the Desktop program on your computer?  After you open the file you do not go to Wages & Income.   First you go to Federal > Other Tax Situations > Other Tax Forms > Amend a Return.

So first take out the interest you added  and any changes you made and put your return back to the way it was when you filed.  Then go to Amend a Return to start the amended return.  The refund/tax due  monitors should reset to zero.  Then you enter the missing interest.  

Hope this helps.

[VolvoGirl]

As long as I'm here,   The amended return will only be the difference you get back or need to pay. You can confirm this by printing your amendment and looking at the 1040X. Line 18 should be your original refund amount and line 21 should be your additional refund. If you paid on your original return it will be on line 16 (but don't include any penalty on 1040 line 38). If there is an amount owed with the amendment, it will be on line 20.

Ignore any 1040V voucher that prints out and the new 1040. Those are what your return would have been if you had not needed to amend.

[ArnoldR]

I am using TT Desktop version. Going to Wages & Income directly was the one that threw me off. The proper step (as you mentioned above) is to navigate via Federal > Other Tax Situations > Other Tax Forms > Amend a Return path. I am able to complete my Amended Return and e-File it.  Thanks for your assistance and patience with my questions.