How to amend my 2020 return?

Forum|Forum|1 year ago
April 23, 2025
2 replies
4 views

Approximately four years ago, I submitted my Form 1040 via TurboTax on time for the 2020 year. Now I want to amend my 2020 return and add $3,000 gift income. Which forms do I need to fill out? Should I do this myself? I think I will owe a little bit of money to the U.S. Treasury, so will I pay with a check from my checking account? Can you tell me what I need to do?

Thanks.

Ask the Experts - Amend - April 2025

xmasbaby0

Level 15

Gift income? Money you received as a gift is not entered on a tax return. Gifts are not taxable and gifts given to others are not deductible.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

CatinaT1

Level 15

You do not need to add gift income to your tax return. A person can gift so much per year without there being a gift tax return needed.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

CommunityQuestionnerAuthor

Level 2

I know that I am not required to report this, but I want to report that I received the gift. I have been reporting gift income as Miscellaneous Income on my tax return in recent years. How would I do this?

AnnetteB6

Level 15

Thank you. I haven’t amended a return outside of TurboTax before. I’m feeling kind of ignorant on this. So I should expect to submit via snail mail the 1040X and 1040V and my payment? Anything else? Thanks!

Yes, you will need to mail the amended return and payment. There will not be a 1040-V included since you are preparing the amended return by hand.

Use the following link to find the 2020 version of Form 1040-X on the IRS website:

Prior Year Forms, Instructions & Publications Search

@CommunityQuestionner

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"