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Refile prior year return

I am not sure I want to pursue this but I seem to have discovered  TT imported in duplicate a couple of things from WF interest  and dividends on my 2023 return. The tax on those items was over $500.

 

Is there a means to refile and recoup my $500? What are the down sides...will this make me more likely for future audits? Can on do this thru turbo tax and would I use this years software or my CD from 2023?

 

Any advise. I am still confirming the duplicate import...I caught it this year...missed it in 2023....

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2 Replies

Refile prior year return

If mistakes were made on your 2023 return, the remedy is to file an amended return on a  Form 1040X.

 

Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a... 

 

Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.  

 

You can watch for information here:

https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1

 

**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.**

Refile prior year return

So I am still a little confused. Do I put my 2023 TurboTax CD in the PC Open my old return which yes has already been saved save it as the amended return after making my changes? And then follow some process to submit it? 

 

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