Tax Preparation Software
Tax Preparation Software

Sometimes you need to make changes to your tax return after it’s filed. You might find a mistake, discover new tax credits, or receive additional income information. TurboTax makes the amending process easy.

When should you amend your tax return?

Here are some common reasons to file an amended tax return:

  • You made a math error.
  • You forgot to claim a deduction or credit.
  • You received additional or revised tax documents (like W-2s or 1099s).
  • Your marital status changed.

How to amend your tax return with TurboTax

TurboTax streamlines the process of amending your tax return:

  1. Use the correct year’s TurboTax version: Choose the version of TurboTax that corresponds to the year of the tax return you want to change.
  2. Log in and access your filed return. Find the return you want to amend and click the link to “Amend (change) return.”
  3. follow the software’s prompts. TurboTax will guide you through the amending process, clearly outlining the steps.

Important things to remember:

FactorConsideration
TimeframeYou usually have up to 3 years to amend a tax return.
IRS ReviewThe IRS may take additional time to review your amended return.
Potential Refund ChangeAmending your return could increase or decrease your refund amount.

Should I use a tax professional to amend my tax return?

While TurboTax makes the amendment process straightforward, you might consider using a tax professional in these situations:

  • Your amendment is complex and involves multiple forms or schedules.
  • You’re unsure about the tax implications of your amendment.
  • You’re amending multiple tax years.

TurboTax is a great tool for amending simple tax returns. However, for complex amendments, consulting a tax professional could be the best course of action.

Understanding Amended Returns

Making mistakes is human, and sometimes they find their way onto tax returns. That’s where amended returns come in—they’re your chance at a tax do-over. Now, let’s get into the specifics about what an amended tax return is and when you might need to file one.

What Is an Amended Tax Return?

An amended tax return is a form filed in order to make corrections to a previously filed income tax return. If you discover an error after submitting your original return, you can use Form 1040-X, the Amended U.S. Individual Income Tax Return, to correct it. Whether it’s an overlooked deduction or inaccurate income reported, Form 1040-X helps to set the record straight with the IRS for a specific tax year.

When Should You Amend Your Return?

You should consider filing an amended return when you need to correct your federal return or state return due to:

  • Unreported income
  • Incorrect filing status
  • Missed credits or deductions
  • Incorrectly claimed dependents

Typically, if these errors will change the amount of tax owed or affect your refund, an amendment is your next step. Remember, you have a window of opportunity: the IRS typically accepts amended returns for the current or the last two tax years. Beyond accuracy, making sure you claim what’s rightfully yours, like any additional refund amount, is a smart move.

How to File an Amended Return with TurboTax

Filing an amended return with TurboTax is a streamlined process designed to correct any errors on a previously filed tax return. Whether you’re adjusting your income, filing status, or capitalizing on missed deductions and credits, the TurboTax software can facilitate this process.

Step-by-Step Amending Process

1. Determine the Need for Amendment: Before starting, make sure an amendment is necessary. Common reasons to amend a return include reporting additional income, changing filing status, or correcting errors in originally claimed deductions or credits.

2. Gather Documentation: Have all relevant tax documents, such as W-2s, 1099 forms, and receipts for deductions and credits, on hand. This will make the amendment process smoother.

3. Access TurboTax: Log in to your TurboTax account. If you used TurboTax to file your original return, you’d find your past tax filings in the system.

4. Start the Amendment: After logging in, look for the option to amend your return. Remember, you will only change the sections that require updates.

5. Enter Changes: Make corrections directly in the TurboTax interface by updating or adding the necessary information.

6. Review and Confirm: Double-check the changes for accuracy. TurboTax’s in-built features, like the refund calculator, will update with your new information, ensuring you see the impact of your changes.

E-Filing vs Paper Filing

  • E-Filing Amended Returns: TurboTax supports e-filing amended returns for select tax years, including 2023, 2022, or 2021 federal Form 1040-X. This is available if the original tax return was e-filed with TurboTax software.

  • Paper Filing: If an amended return isn’t eligible for e-filing or if it’s for a year that TurboTax doesn’t support electronically, printing and mailing the paper Form 1040-X is required.

Regardless of the method, ensure to update your bank account information for direct deposit or adjust payment details if you owe additional tax. For state tax returns, separate amendments might be necessary, as e-filing options can vary by state.

Using TurboTax, taxpayers can confidently amend their returns while being guided through the process. The TurboTax Live Full Service also provides professional assistance for those seeking additional support. It’s imperative to file amendments within three years from the original deadline or two years from the date tax was paid, whichever is later, to ensure your return is accepted and you receive your maximum refund.

After You’ve Filed Your Amended Return

After filing an amended tax return, taxpayers should be aware of how to track their submission and understand the timeframes involved with processing.

Tracking Your Amended Return Status

Taxpayers can check the status of their amended return by using the IRS tool “Where’s My Amended Return?”. This online tool is accessible by visiting irs.gov and is the most efficient method for tracking. To use it, you’ll need your Social Security number, date of birth, and ZIP code. Here’s a quick step-by-step:

  1. Visit the IRS website.
  2. Navigate to “Where’s My Amended Return?” service.
  3. Enter your personal information as prompted.
  4. View your amended return status.

The status of an amended return can also be accessed through certain tax software platforms that offer direct tracking functionalities.

Understanding Processing Times

After filing an amended return, the Internal Revenue Service (IRS) typically requires up to 16 weeks to process the document. However, it may take longer if the return:

  • Includes errors
  • Is incomplete
  • Requires additional review due to suspicions of fraud or identity theft
  • Includes a claim filed for a tax refund or credit

It’s important to note that one should file an amended return if errors on the original return include incorrect filing status, income, tax deductions, or credits. Also, taxpayers have up to three years from the date of the original filing deadline to submit an amendment.

The processing time begins once the IRS receives the return. During this period, keep an eye on the “Where’s My Amended Return?” tool for updates on the process. If there’s a refund, the IRS will issue it once the amended return is processed. Should there be additional tax due, be prepared to settle the tax bill, which may include interest or penalties.

Frequently Asked Questions

Changing or correcting your tax return is easy with TurboTax, and here you’ll find the essentials for tackling that task.

How do I file an amended tax return using TurboTax?

If you discover an error after filing your return, you can amend it using TurboTax. Simply log into TurboTax, select the return you need to amend, and follow the step-by-step guidance provided.

What is the processing time for an amended return through TurboTax?

The processing time for an amended return typically takes the IRS up to 16 weeks. Using TurboTax for filing electronically may expedite the process; although you can track processing time updates via your TurboTax account.

Are there any penalties associated with filing an amended return?

There are no direct penalties for amending a return, but if the amendment results in additional taxes owed, you might incur interest or penalties if these are paid after the deadline.

How can I check the status of my amended return filed with TurboTax?

To keep tabs on your amended return after filing through TurboTax, you can use the IRS’s “Where’s My Amended Return?” online tool or the TurboTax mobile app for status updates.

Can I file an amended tax return online for free using TurboTax?

Some TurboTax products may allow for free amended return filing online if you originally filed your return with TurboTax. You should check the specifics of your TurboTax product for any associated costs.

How is the amended tax return process different for tax year 2021?

For the tax year 2021, the IRS began allowing electronic filing of Form 1040-X, which may be accessible through TurboTax. This change simplifies the amendment process and could shorten the timeframe for updates to your return.

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