topic How do I file a superseded 1020 tax return in Turbo Tax Business? in Business & farm

How do I file a superseded 1020 tax return in Turbo Tax Business?

maxc51 — Wed, 10 Mar 2021 03:15:19 GMT

I already e-filed the federal and state tax returns. I need to make a correction on the balance sheet schedule. How do I file a superseded 1020 tax return in Turbo Tax Business?

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

DavidD66 — Wed, 10 Mar 2021 04:00:27 GMT

What you need to do is file an Amended return. First, before you create and file an amended return, I suggest you save a back up copy of your return, exactly as you filed it. To do so, just open your return, click on File, Save As, and When you first start the TurbTax Business program, there is an option just below the list of files you can choose to "continue where you left off" - Amend a Tax Return. Click on that to amend your 1120.

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

maxchen — Thu, 11 Mar 2021 01:18:59 GMT

I'm referring to 2020 tax return that I just filed couple days ago. My understanding is that I can file a superseded tax return since it is still within the filing period. I want to know how to do it with Turbo tax business. Also, the amended return can not be filed until after the filing period.

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

JeffreyR77 — Thu, 11 Mar 2021 01:55:18 GMT

TurboTax Business does not support electronic filing of superseded tax returns. You can make changes to your return in TurboTax Business, print, and print Superseded Return across the top of the first page and mail in.

IRS is still back logged in processing mail due to COVID closures. Amended returns can be filed electronically beginning March 25th.

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

RichardDY — Sun, 14 Mar 2021 20:26:31 GMT

Apparently, TurboTax for non-businesses doesn’t support electronic filing of superseding returns, either. But the advice above would seem to apply to them, as well. And apparently, it’s totally Intuit’s decision not to support electronic filing of superseding returns, which would be a very useful feature for users, especially with the late change in the law regarding taxability of unemployment benefits, but for many other reasons, as well. It would be a very easy fix on Intuit’s part.

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

Anonymous — Sun, 14 Mar 2021 20:35:05 GMT

It's not a TurboTax issue - the procedure listed above to print and mail with superseding written across the top is the ONLY way to file such return, no matter what software or preparer you use.

The IRS does not permit more than one filing of an electronic return with the same tax ID, except for the newly released ability to file a 1040X electronically.

If you want to file superseding, you just print and mail and if you prefer to file electronically, you will need to file it as an amended return. This is how the IRS system is set up, so no "fix" by TurboTax would work, the IRS computers would reject the return.

@RichardDY

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

RichardDY — Sun, 14 Mar 2021 21:44:17 GMT

This link indicates that it’s possible to file a superseding return electronically, at least in some cases:

https://www.irs.gov/businesses/corporations/amended-and-superseding-corporate-returns

Re: How do I file a superseded 1020 tax return in Turbo Tax Business?

Anonymous — Sun, 14 Mar 2021 21:57:51 GMT

@RichardDY - yes for corporations and businesses, but not for individuals. Once an individual's tax ID goes through that IRS system subsequent returns, with the exception of 1040X in 2019 and 2020 would be rejected by IRS servers. It is a security issue. There is already a significant amount of fraud committed by individuals filing on behalf of others to receive their refunds, sadly. Allowing a superseded return would mean that if I filed my return today, and someone trying to commit fraud by filing using my information they would be able to supersede my correct filing with their fraudulent one.

If I misunderstood the question, my apologies. While the original question was about a business return, I was replying to the comment about it not applying to TurboTax for "nonbusiness", and I wasn't very clear in my reply.

TurboTax Business is probably just not equipped to handle superseding corporate returns, but it is also not a product that has a large user base, so I don't see it happening.