Yes, the CA MCTR is now being federally exempt from federal taxes and also in California. We had a software update today that includes the CA MCTR payments exclusion after entering the 1099-MISC, where you can check it was a payment from CA MCTR. It will not affect your federal due or refund including California. This will not affect your bottom line. You could always wait until you receive your refund since accepted, if not approved it may be looking for that 1099-MISC and you will have to amend. Amendments are not starting until February 23rd, 2023. So, you should be fine for now especially since it was accepted, but not yet approved.
Generally, if you got another form like a W-2, 1099-MISC, or a different form that needs to be reported after filing or you forgot to add something, you can still fix your return. You'll want to determine if the IRS or state has “accepted” the information you already filed. If the IRS or state has accepted it, you'll see Accepted as the status of your return when you sign in to TurboTax (in Tax Home) or when you open the CD/Download TurboTax software. If they have accepted your return, then you may need to amend your tax return.
If you do want to change or correct some info on your tax return after you've filed it, you may need to amend your return. Here are some things to know before you begin:
- You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
- Make sure you really need to amend
- Wait until your return has been accepted (or mailed if paper-filing)
- Use the same TurboTax account you used to file your original return
- Once you begin your amendment, you'll see your original return. Only make changes to the areas of your return that need amending. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
- Any changes you make to amend your federal return will automatically be transferred over to your state return
Select your product below and follow the instructions.
If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.
If you are not feeling sure whether to amend, this IRS Tool may help you decide.
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