Change to 2018 Schedule D form 1040

[Maribob4]

I went in to look at my 2018 form 1040 that I had filed and had been accepted by IRS.  After I updated the 2018 turbo tax, I noticed that Turbo Tax had changed my original tax file. When I pulled it up the amount due for taxes was reduced by $1397 due to changes on schedule D Tax Worksheet.  Did the rules change for Schedule D?  Do I need to file an amended return to get this money back?  If so how do I amend it when Turbo Tax has already changed my original tax return?

[VolvoGirl · Accepted solution]

Yes there was an update to schedule D.  Here is IRS info.  

https://www.irs.gov/forms-pubs/error-in-tax-calculation-in-schedule-d-tax-worksheet-form-1040

I'm not sure what you need to do if anything.

[Maribob4]

It appears from this IRS error we just have to wait for IRS to find the error.  Does that sound right?

[rjs · Accepted solution]

Yes, that's right. Do not do anything at this time. Wait for more information from the IRS. The IRS specifically said that you should not file an amended return.

[aauccpa]

It is January 12, 2020.  I e-filed my client's tax return on March 30, 2019.  My client is still waiting for the refund.

Should an amended return be filed at this time?

Thank you.

[rjs]

@aauccpa  This forum is run by Intuit, the company that makes TurboTax, to help its customers use TurboTax to prepare their own tax returns. You cannot use TurboTax to prepare returns for clients. TurboTax is only for consumer use and cannot be used by paid preparers. Please post your question in the support forum for the professional software that you use, or in a general tax professionals' forum.

Intuit has three tax software product lines for professional preparers: ProSeries, Lacerte, and ProConnect Tax Online. You can find information about all three product lines at the following link.

https://proconnect.intuit.com/

If you have a small practice with primarily individual clients, you will probably find ProSeries Basic to be most suitable.