topic Reported too much income and IRS already accepted return in After you file

Reported too much income and IRS already accepted return

Need2Know1 — Sun, 29 Mar 2020 22:08:16 GMT

I added my 1099 Misc income into my other self-employment income (I missed that it said not to). So I've reported too much income. I e-filed and the return was already accepted. I was getting a refund. Can I and how do I file an amended return?

Re: Reported too much income and IRS already accepted return

VolvoGirl — Sun, 29 Mar 2020 22:11:06 GMT

Where did it say not to? Had you already entered it somewhere else? Yes you are suppose to enter it under self employment. Did your other self employment income already include the 1099Misc income? So you have too much income listed on Schedule C line 1?

Re: Reported too much income and IRS already accepted return

Need2Know1 — Sun, 29 Mar 2020 22:20:03 GMT

So TT asked me to report income from 1099Misc which I did. Then later on it asked me to report business income that's not on a 1099Misc but I mistakenly reported the business income plus the 1099Misc income under the business income line. Yes, so I have too much income on Line 1 of Sch. C

Re: Reported too much income and IRS already accepted return

VolvoGirl — Sun, 29 Mar 2020 22:22:25 GMT

How to amend a current year tax return
https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

The amended return is form 1040X and can only be mailed (not efiled) and will take 8-12 weeks or more to process. And they only send checks for amended returns, no direct deposit. You should also wait to amend your return until you get your original refund or your payment has cleared because the IRS might adjust your original return.

Re: Reported too much income and IRS already accepted return

JohnW222 — Sun, 29 Mar 2020 22:25:43 GMT

Yes, you can amend your return to make this correction.

Please see the TurboTax Help article "How to amend (change or correct) a return you already filed" for instruction on how to amend your previously-filed tax return.

You should wait to file your amended return until you get any refund you may have coming from your original return. Even if your original return has been accepted by the IRS, it's still possible that the IRS could change your refund or balance due on that return.

Re: Reported too much income and IRS already accepted return

Need2Know1 — Sun, 05 Apr 2020 17:41:52 GMT

Hi again. So I've amended my Federal (haven't sent it yet). However, now Turbo Tax thinks I need to amend my state form as well. I never filed the original state form. I was going to mail it but discovered the Fed mistake before mailing the state. How should I proceed with doing a new state return using the amended Federal return information?

Re: Reported too much income and IRS already accepted return

DianeC958 — Sun, 05 Apr 2020 19:47:39 GMT

Yes, use the new Federal information to create your state return. Make sure that you are filling an original return with the state and not an amended return.

You will need to print, sign, date and mail your amended return for the Federal.

Amended returns cannot be efiled.

@Need2Know1

Re: Reported too much income and IRS already accepted return

vdimitre — Sat, 05 Mar 2022 21:25:33 GMT

Hi:

How do I amend last year's return? I reported too much income from my Airbnb, not understanding their financial reporting system.

Thanks

Re: Reported too much income and IRS already accepted return

DoninGA — Sat, 05 Mar 2022 21:27:33 GMT

@vdimitre wrote:

Hi:

How do I amend last year's return? I reported too much income from my Airbnb, not understanding their financial reporting system.

Thanks

See this TurboTax support FAQ for amending a 2020 tax return - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/00/27439