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Returning Member
posted Apr 28, 2021 6:06:40 PM

2020 1040X and American Rescue Plan

Hey everyone, 

 

Looking for some help here. 

 

I have already filed my individual 1040; but I forgot to include a W-2. So I know I must file an amendment to include it.

 

My issue is, when I go to amend my 2020 1040, do I: personally make the adjust for received employment compensation due to the American Rescue Plan, or do I leave the adjustment alone and allow the IRS to make the adjustment.

 

I have received notification from TurboTax that the since I have already filed my 1040, the IRS will make the adjustment. However, this information was before I found my missing W-2.

 

So, do I make the adjustment or does the IRS make the adjustment? 

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1 Replies
Level 3
Apr 29, 2021 1:56:05 PM

Well the IRS already has a copy of all your W2s so they could make the adjustment BUT if they miss it and it's a large amount, they could penalize you for under reporting your income.  If it's a small amount, it won't affect your overall taxes.

 

I always like to be on the safe side.  I would file the amendment.