I need to amend my 2020 tax return. It was filed on time NOT through turbotax and accepted by IRS. I have bought a TurboTax CD/Download software and created a new 2020 tax return from scratch. Now, is it possible to generate a form 1040X in TurboTax somehow?
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yes, close the app. then reopen it. you should see a box that says "amend a filed return". click on it.
CAN I USE TURBOTAX TO AMEND IF THE RETURN WAS PREPARED SOMEWHERE ELSE?
If you did not use TurboTax to prepare your tax return, it is possible to amend the return using TurboTax but it will really be a pain. It would be better to use the software or service used to file originally. If a paid preparer made a mistake on your tax return, that tax preparer should do the amended return for you at no charge.
In order to use TurboTax to amend your return, you need to purchase the desktop software for the tax year and re-create the return EXACTLY as it appeared when it was filed with the IRS/states. Every line has to be the same. Then you have to "trick" the software into thinking you filed by saying you will mail the return. (but do not mail it) AFTER that, you use the software to prepare a Form 1040X, which has to be printed, signed and mailed to the IRS. It takes the IRS about 6 months or longer to process an amended return
Even during “normal” times it takes about four months for the IRS to process an amended return. During the pandemic and due to the severe backlog at the IRS it is taking much longer—six months or more for many amended returns. Do not expect quick results from amending. When the IRS issues a refund for an amended return it will be by check. They do not make direct deposits for refunds for amended returns. You can watch for information here:
https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1
yes, close the app. then reopen it. you should see a box that says "amend a filed return". click on it.
Look for Federal>Other Tax Situations>Amend a return
"created a new 2020 tax return from scratch."
Is this new tax return your correct tax return.?
compare the original return and the correct return and enter the differences on Form 1040-X.
It's pretty straight-forward.
The blank form in fillable PDF format and its instructions are available at www.irs.gov.
Refer to the Instructions for what is to be attached to Form 1040-X.
Do not include your old 1040 nor your revised 1040 because the Form 1040-X reflects any changes there and becomes your new tax return.
Mail to the address shown in the Instructions.
You will have to mail it because you did not e-File 1040 with TurboTax.
"Is this new tax return your correct tax return.?"
I did both already. Indeed, it seems like it could be easer to fill it manually using the PDF form.
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