Do I Have to Pay Again on Turbo Tax to Amend a Prior Years Return

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How to Correct Federal Taxation Returns

Updated for Tax Year 2021 • January 19, 2022 03:twenty PM

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OVERVIEW

The IRS has a unproblematic process in place that allows yous to better your taxation return. Discover out how to amend your tax return in this article on tax tips.

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Overview

You practise your best to file a correct taxation render. You gather all your W-2s, 1099s, receipts and other documents and navigate through all of the information to find the right schedules and forms. Sometimes, however, new information arises afterward you file your taxation render. Peradventure you discovered a tax credit yous didn't realize you qualified for, or missed a 1099 form because information technology came in late. Fortunately, the IRS has a simple procedure in place that allows you to amend your tax return.

Stride 1: Assemble all new tax documents

This includes any new 1099 or W-ii you lot receive if you under-reported your income. If you are challenge a new deduction or credit, whatsoever document that supports your eligibility to merits it such equally a receipt will be helpful. It's also a good idea to have a copy of your original revenue enhancement return bachelor.

Step 2: Class 1040-10

Beginning with the 2019 tax years, amended federal returns are able to exist electronically filed. If yous filed your return with TurboTax, log into your business relationship and select the tax return that y'all want to improve and follow the online instructions. For paper-filing amended returns, download a re-create of IRS Form 1040-X, Amended U.S. Income Tax Render. You can easily notice it using the search part on the TurboTax website.

Step 3: Place the fault or amendment you wish to brand

If you are correcting an fault on your original revenue enhancement return, you volition need a blank copy of that particular form from the same twelvemonth. This will allow you lot to recalculate your tax and to see which numbers on the original tax return volition alter as a event of the amendment. You lot can find IRS forms from prior years using TurboTax's prior-year returns office, or yous tin search through the IRS website for information technology.

Step 4: Download and prepare new schedules and attachments

When you set an amended return, the IRS simply wants you to update figures that change. It doesn't require you to complete an entire tax return. However, if any of the original schedules y'all filed will alter because of your subpoena, then those schedules must be prepared again and attached to your Form 1040-X.

Footstep 5: Fill up out Course 1040-X according to the instructions

Provide a clear caption of your reasons for filing the Form 1040-X. If you are paper filing the return, attach all forms you are amending along with any new supporting documentation and post them to the accost provided for your location in the Form 1040 instructions. This will be the aforementioned IRS service center that processed your original income tax return. Include a payment for any additional tax due. If you don't include the payment, the IRS may assess interest and penalties on the unpaid rest.

Filing an amendment with TurboTax

If you lot originally filed your render with TurboTax, we tin can help streamline the steps outlined above. If you used TurboTax Online, simply log in to your account and select "Amend a return that was filed and accepted." If you used our CD/download product, sign back into your return and select "Better a filed return."

Tips
• You must file a separate Form 1040-X for each tax return you are amending.

Heads upwards
• Amended returns tin can take more than than three months for the IRS to process.

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The in a higher place commodity is intended to provide generalized financial information designed to educate a broad segment of the public; it does non give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for communication on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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