Should I amend my tax forms if I claimed to only have insurance for 4 months when I actually had insurance through my parents for the full year?

[jraya2014]

I am covered by my fathers insurance policy but I received my own policy for a few months through my job at the time. I filed as an independent and I was penalized for the months I didn't have coverage, affecting my bottom line. Should I fill out a 1040X to account for the insurance and if so, what documents do I need?

[WillK · Accepted solution]

Yes you should file an amended return to show the correct information. The 1040X for amending 2017 returns will not be available until February 8th . If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected you are able to login to your return to fix what you need to fix and fix the errors that caused the rejection and refile the return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.

Amended returns do not “catch up” to your original return and replace them; they are processed as two separate returns.  
Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return. You can check the status of your amended return by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1

 Click here for amending instructions: https://ttlc.intuit.com/replies/3288565