I know there's an error in my federal return that was accepted but not yet approved. Can I fix it now? What do I do if the IRS doesn't catch it?

[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 began 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 e-file or 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.

  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

[phildonnia]

As XmasBaby0 points out, you should not do anything until the IRS accepts and processes your return.  Multiple conflicting returns in the system creates confusion for everyone.  The following applies to your question about what happens if the IRS accepts and processes your return without noticing the error.

In any case, make any additional payments due by April 15 to avoid penalties.

Welcome to the wonderful world of tax mistakes and amended returns!  

You most likely will need to amend your return.  Search in Turbo Tax for "Amended Return" and go from there.  Once you have the amended return prepared, if there is any additional amount due, you can pay it at the IRS website before April 15.

I would recommend not immediately sending off the amended return. Your enthusiasm for tax filing is commendable, but it resulted in an incorrect tax filing.  So... wait.  See if you find any additional errors, or get any corrected forms in the mail.  When you're sure that everything is correct, only then send in your amended return.

Note that your amended return will not be processed for a long, long time.  In normal times, this was a few months.  With Covid, it's probably not going to be looked at until October.  If you are due an additional refund, then you have to wait.  I think this is the IRS's way of punishing people for making mistakes.

[xmasbaby0]

You cannot amend a tax return that was just accepted.   You have to wait for it to be processed by the IRS.  Trying to send in an amended return while they are still processing the original return could confuse things and delay your refund for months.

Do not try to change anything on your return now.  When you amend, your Form 1040X has to be prepared from the return exactly the way it looked when you filed it originally.   You have to wait.   Once your return has been processed you will complete a Form 1040X   --- which is not yet available --- and submit it to amend the mistakes made when you filed your original return. It takes the IRS at least four months to process an amended return.

The 2020 Form 1040X does not become available until the end of March 2021 (subject to change).

https://www.irs.gov/forms-pubs/new-information-for-form-1040-x-filers

[swobo04]

So, I have a sizeable return, by my mistake will result in it being less.  If I have to ammend and my ammeded return won't be looked at until possibly October, I still have to pay back any extra refund by April 15th?

[swobo04]

Yep, it was transmitted and accepted by the IRS.  Just waiting on the approval/rejection.  I won't do anything to the return until then.  Here's hoping for a rejection so I don't have to ammend!

[JohnB5677]

If your refund is substantial, and you know you are going to have to pay a portion back you should wait.

• You do not have to pay it back by April 15th, but you should pay it back as soon as you know the difference that you owe.
• Wait until you actually receive the refund before you file the amended return.  The IRS needs a paper trail and it starts with issuing the refund.
• Once you've received the refund you can file the amended return.
• Again, make the payment as soon as possible.

If you have already filled your taxes the first step is to wait and see if it is Accepted or Rejected. 

• If it is Rejected you will be able to correct the rejection error and add your anything you want..
• If it is Accepted you will have to wait and file an amended tax return:
  • If you're getting a refund wait until the refund comes in.
  • If you owe money wait at least two weeks before filing the amended return.  (This is so that the IRS has time to process the original return.)

To amend a return 

Some quick ground rules:

1. Be sure the original return was filed and accepted.
2. DO NOT go back into the return or change anything before you start the amendment process.
3. Gather everything you need before you start.
4. Complete the entire amendment process before you log out.
5. Starting with 2020 tax returns you can E-File a 1040-X amended tax return.  All prior years must be printed and mailed.

 You can correct a return that you've already filed and had accepted.  Select the year that applies and use this guide to proceed.

Select your tax year for amending instructions:

• 2020
• For additional information please refer to  How to Amend

The 1040X (Amended Return) tax form is scheduled to be available 03/25/2021.

[Tammy007]

I submitted my tax return and it has been since accepted, however I failed to enter the correct monthly child payments I received. My Electronic return has been accepted but is showing "delayed" , what do I need to do?

TIA

Tammy 

[xmasbaby0]

@Tammy007 You cannot do anything now but wait.   The screens warned you that incorrect information for the child tax credit payments would delay your refund.   Now the incorrect answer is delaying your refund.  The IRS will review the return, see how much you really received in advance and adjust the refund.   That is going to take extra time.   We do not know how much longer it will take, since this is the first year for the advance credits.