Amendment to a 2021 Return :-(

[Once a year Accountant]

Hi --- as fate would have it when I was doing my 2022 Taxes I found a mistake I made last year on my 2021 taxes.  And of course it is not in my favor.  :(  I have a few questions.

1)  Can I go back to Turbo Tax 2021 (which I still have loaded on my computer) to fix/Amend the return?  Or do I need to do it all in Turbo Tax 2022 ?

2)   At this point I used Turbo Tax 2021 to fix/Amend my 2021 Tax return.  Assuming that I can use Turbo Tax 2021 to Amend my return ... can I use Turbo Tax 2021 to eFile it ?  Or do I need to do via paper/Mail  ?

3) Seeing that I just found this Mistake when doing  my 2022 taxes ...... isn't  there a penalty that I need to add on since it is a year after the fact ?  if so How do I determine the Penalty ?  Turbo Tax did not tell me the penalty fee ?

Thank you

[SharonD007 · Accepted solution]

1. Yes, you can use TurboTax 2021 to prepare your amendment for your 2021 tax return. You cannot amend a 2021 tax return in TurboTax 2022. Please review the TurboTax How to Correct Federal Tax Returns for additional information.
2. You should be able to e-file your 2021 amendment if it was successfully e-filed using TurboTax but there are certain situations where you may need to print and mail. Please review the TurboTax Help articles Can I e-file my federal Form 1040-X amended return? and Can I e-file my amended state return?
3. No, TurboTax does not calculate late payment or late filing penalties. When the IRS processes your amendment, they will send you a bill for any penalties and interest owed.

Follow the steps below to amend your 2021 tax return using TurboTax Desktop 2021:

1. Open the TurboTax CD/Download software
2. Under Need to File an Amended Return? select Amend a Filed Return
3. Select Amend for the return you need to amend
4. Select Continue on the We’ll help you change (amend) your return screen
5. Select Yes, I’ve already filed my return
6. Choose the option that best applies when asked Tell us a little more about your amend situation and Continue
7. On the next screen, select Update.

Please refer to the TurboTax article How to File an Amended Tax Return with the IRS for further information.