Can I cancel my efile ?

[xmasbaby0]

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  The IRS will begin to accept/reject 2020 returns on Friday, February 12, 2021.  You have to wait for the email that tells you if your return was accepted or rejected.  If you do not see an email, check your spam folder.

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X. return.  

 Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

[gepick]

Turbo Tax won't let me efile because I can't correct an error it makes on a state return. I will mail the return but I want the money I paid intuit for efiling refunded. how do I get a refund?

[JeanneLO]

If you're using the TurboTax CD\Download version, see Can I get the e-filing fee refunded if my state return got rejected?

If you used TurboTax online there isn't a charge to e-file your state tax return.

@gepick

[gepick]

I am a full time Texas resident. I have a nominal amount of mineral income from property in Oklahoma so I have to file a nonresident return in Oklahoma. Last year and this year Turbo Tax (TT) transfers the gains I have from the sale of stocks (which has nothing to do with Oklahoma) to the Oklahoma return on the 561NR. On the 561NR TT asks for the location of the property and the Type of Property Sold. The Type of Property Sold has a drop-down box with 4 choices, all of which are types of Oklahoma property: Stock in an Oklahoma Corporation; Interest in an Oklahoma LLC; Real Property within Oklahoma; Tangible Personal Property within Oklahoma and Intang pers prop as part of an Oklahoma sale. Obviously, none of these options apply to my sales. How do I fix this?

[ReneeM7122]

To report the mineral income from Oklahoma, enter it under the Investment section.  First delete your Oklahoma State return and then follow these instructions:

In TurboTax Premier online edition,

1.       After sign in, select Take me to my return 

2.       At upper right corner, search for this exact phrase: sold second home

3.       In the search results, click Jump to sold second home 

4.       Answer Yes on the screen, Did You Sell Any Investments? 

5.       Follow step-by-step instructions, on the screen, Choose the type of investment you sold - select Everything else and follow the prompts.

When you sell mineral rights,  it is treated as a long-term capital gains sale (IRC 1231) as long as it has been owned for more than one year.

If you acquired by inheritance, then there isn't any "cost" to you on that date.  However, the value of the asset as of that date must be determined because the rules state that your basis is established by the value of that date.

You need to secure a "valuation" of the asset as of that date and the IRS has criteria to establish that value.  Mineral managers or valuation experts can handle this pretty easily, even going back in time.  They prepare a report and thus "document" the basis.

Here are instructions to delete the Oklahoma return:

How do I view and delete forms in TurboTax Online?

• Open or continue your return in TurboTax.
• In the left menu, select Tax Tools and then Tools.
• In the pop-up window Tool Center, choose Delete a form.
• Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

@gepick