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What do I do if I forgot to add income from my retirement fund but already filed my taxes?

 
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2 Replies
DianeW777
Expert Alumni

What do I do if I forgot to add income from my retirement fund but already filed my taxes?

You can amend.  If the IRS has accepted your return as filed then you must amend your tax return once the IRS has had a chance to process it.  

If your return is pending because the IRS has not yet begun accepting returns, you must wait to see if it is accepted or rejected.  If the return is rejected, this means it has not been filed, in which case you can update or change it before you resend it to the IRS.

 

You will be able to access and file an amended return on approximately February 23rd (Form 1040-X).  Use the link here to check to see when available:

Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.

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What do I do if I forgot to add income from my retirement fund but already filed my taxes?

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  You have to wait for the email that tells you if your return was accepted or rejected.

 

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.

 

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

 

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return. 

 

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.

 

  Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

 

The Form 1040X you might need becomes available in late February,  But wait until your return has been processed.

 

**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.**

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