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How do I amend my 2022 New Jersey Business Tax Return to correct my S corporation income?

SOLVEDby TurboTaxUpdated December 04, 2023

Some customers might have underpaid their New Jersey business state tax returns because due to a TurboTax calculation error, they may have reported incorrect income for their New Jersey Subchapter S corporation.

To amend your return, select your product and follow the instructions.

  1. Launch TurboTax Business and select Amend a Tax Return, then open your 2022 business return
  2. If the Let’s install the latest tax updates to TurboTax screen appears, run any updates
  3. Before you make any further changes, select File and Save As... then add Amended 2022 return to the file name to preserve your original return
  4. Select File then Open Tax Return. From the Work on a Tax Return screen, select Amend a Tax Return, and open the amended tax file. This will be the file that you amend
  5. On the Filing an Amended Return screen, select the State Taxes tab
  6. On the Let’s work on your state return screen, select Continue
  7. On the Your State Returns screen, select Edit next to New Jersey S Corporation Business Tax Return
  8. On the Your 2022 New Jersey S Corporation Tax Return screen, select Continue
  9. On the Amended New Jersey Return screen, select Yes, I’m filing an amended return. Then select Continue
  10. On the Information Needed for Amended Return screen, select Neither tax due nor refund. Then Continue
  11. On the Select your reason for filing an amended New Jersey return screen, select Other
  12. On the Additional Information Needed for Amended Return screen, enter TO CORRECT DEPRECIATION REPORTED ON NEW JERSEY SCHEDULE K, LINE 7. Then Continue
  13. Continue through the state interview screens until you reach Ready for Review and select Review My Return
  14. On the Reviewing Your Return screen, scroll down and select Continue
  15. On the Review Your Return screen, select Continue. Then Done With Review
  16. On the You’re Done! screen, select Done With States
  17. On the Let’s get ready to file your taxes screen, select Continue.
  18. On the Select Filing Method, select e-file, then Continue 
  19. On the Select the Forms You’re Ready to e-file screen, select Do not e-file my federal return now, I’ll do it later under Federal and E-file my state return now under New Jersey

Note: Supply each shareholder with their amended K-1 and inform them to amend their New Jersey Individual Tax return.  

Save a copy of the amended business state tax return for your records.

TurboTax experts are available to answer your questions at 844-333-2161 (Monday–Friday, 8 AM to 8 PM ET). When you speak with an expert, just mention 2022 New Jersey Depreciation - S Corporation so they know exactly what you’re calling about.

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