2016 Federal Depletion Expense Remains on Schedule C
Certain taxpayers who are showing an amount on Line 12 of their Schedule C may need to amend their Federal and State (if applicable) tax return. Although we fixed the issue in TurboTax, we want to make sure your return is complete and accurate.
You may be affected if all of the following apply to you:
- You filed your federal and state (if applicable) tax return prior to June 22, 2017 AND
- You have an amount showing on Line 12 of your Schedule C AND
- Depletion is not a normal expense in your line of business (Depletion is generally deducted in the Oil & Gas and/or Timber industry).
If you are affected, you may have underpaid your federal and state (if applicable) tax. You may need to amend your tax return(s).
What you need to do:
- You can amend your return yourself:
- After the changes are made to your return(s), you will need to mail the amended return(s). You should file an amended return if the amount on Schedule C, Line 12 is removed even if there is no change to the amount you owe.
- We're here to help if you have questions or need assistance. You can call us at 1-877-216-2138 to reach an agent who is prepared to assist you with this issue. Tell the agent you're calling about: 2016 Federal: Depletion Expense Remains on Schedule C.
Remember to keep a copy of your amended return(s) in your tax files.
Filing an amended return is free. In addition, as a part of our Accuracy Guarantee, TurboTax will reimburse you for any penalties or interest you are assessed as result of this error. You can find additional information about our Accuracy Guarantee by clicking on this link TurboTax Accuracy Guarantee . If for any reason you are not satisfied with TurboTax as a result of this issue, we will refund your purchase price.
We apologize if this situation applies to you. If you have additional questions, please contact us at 1-877-216-2138.