I need to amend my 2020 Federal and State Tax Return, as I realized that I did not include my mileage deductions for my business and Schedule C. Here are my questions:
1. After making the amended changes on turbotax, a follow up question is On Federal, Does the business income need to be adjusted? My instinct is yes, as it decreases the profitability of the business and this changes the net number. However, Turbotax states that it UNCOMMON for this to be the case. Am I confused?
2. When amending the state form, what is the reason for change? a. Wisconsin modification to federal Income b. federal amended return? Both?
3. Next, it is asking for a line reference number and an explanation for the amended return. However, I am unclear as to what is actually changing on the Wisconsin return, especially if the business income is not changed.
Any help would be appreciated! Thank you
You should probably just contact phone Support (particularly for the WI-specific questions).
What is the TurboTax phone number? (intuit.com)
Otherwise, the program might be trying to convey that it is uncommon since most users do not have business income.
1. After making the amended changes on turbotax, a follow up question is On Federal, Does the business income need to be adjusted? My instinct is yes, as it decreases the profitability of the business and this changes the net number. However, Turbotax states that it UNCOMMON for this to be the case. Am I confused? An expense on your Sch C will reduce your profit margin automatically.
2. When amending the state form, what is the reason for change? a. Wisconsin modification to federal Income b. federal amended return? Both? Same explanation for both ... adding vehicle expense information.
3. Next, it is asking for a line reference number and an explanation for the amended return. However, I am unclear as to what is actually changing on the Wisconsin return, especially if the business income is not changed PRINT or save a PDF copy of the fed/WI amended returns for the reference line #.