topic Should I amend my refund? in After you file

Should I amend my refund?

jaredharris98 — Wed, 03 Mar 2021 17:24:52 GMT

I think I accidentally filed as independent this year (2020). I do not qualify as an independent, and intended to file as a dependent. I received the stimulus money in my bank account this morning, and I think I was not supposed to, given I'm supposed to be a dependent. I called Turbotax support but haven't received a call back from them yet. What should be my next steps? Thanks.

Re: Should I amend my refund?

KathrynG3 — Wed, 03 Mar 2021 18:06:27 GMT

1. Yes, you will need to file amended 2020 tax returns because the standard deduction amount will change if you are claimed as a dependent on someone else's return.

Form 1040-X will not be available for another few weeks. Once it is available, you will be able to e-file the amended return. Check this link for the most recent updates for IRS forms availability.

Your state may have to be paper filed unless you live in Georgia, Michigan, New York, or Vermont that accept amended returns electronically.

To Amend(change) your 2020 TurboTax Online return, follow these steps:

Open the return--you will be at Tax Home.
Scroll down to Your tax returns & documents and Show.
Select 2020, and Amend(change) return.

Only after the amended return is started, navigate to My Info and adjust the answer from no to yes at 3. A few other things we need to know, the first question: Someone else can claim me as a dependent on their tax return.

2. To return the stimulus money, follow these steps per the IRS:

Submit a personal check, money order, etc., immediately to the appropriate IRS location listed below.
Write on the check/money order made payable to “U.S. Treasury” and write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check [on the memo line].
Include a brief explanation of the reason for returning the EIP. [a short note dated and signed-you may wish to use the same note as you include on the memo line of the check as the header of this note]

See this link under Question 1 for which address to use to send the repayment: Economic Impact Payment Information Center — Topic I: Returning the Economic Impact Payment | Internal Revenue Service

Re: Should I amend my refund?

jaredharris98 — Wed, 03 Mar 2021 18:12:07 GMT

Very helpful, thank you! Can I return the money now, or wait until the return is amended?

Re: Should I amend my refund?

Cynthiad66 — Wed, 03 Mar 2021 18:27:56 GMT

When you prepare the amended return, it will calculate the amount that needs to be paid. Pay when you file the amended return. TurboTax allows you to amend Free. You can start preparing the amended return now to see how much you owe. Do not attempt to e-file yet.

Amend using these instructions:

Sign in to TurboTax.
Scroll down to Your tax return & documents (you may need to select Show), select 2020 and then Amend (change) return.
- If you only see the option to amend 2018 or earlier, it's because you can't amend an unfiled 2020 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
Select Amend using TurboTax Online.
Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
If e-filing, you’ll review, sign and transmit your federal return. If not, we'll give you instructions to print and mail your amended return.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool. Please allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.

Re: Should I amend my refund?

jaredharris98 — Wed, 03 Mar 2021 18:30:25 GMT

Thank you!