Amending a tax return is necessary if the original return was already sent to the IRS. Fortunately, TurboTax software allows persons to file an amended return if they received additional tax documents/ information after filing (such as the W-2 or 1099); need to add/ remove a dependent; need to correct a mistake or wrong information; chose the wrong filing status; or wish to take a credit/ deduction that they did not take the first time.
It is important to note that a tax return is considered filed and accepted on the postmarked date (mailed return) and upon notification of acceptance (e-filed returns). If e-filed returns are rejected, an amendment is not necessary (just re-filing) and if it is pending, people should wait until final notification of acceptance or rejection.
Once people need to make changes to their original tax return, and before amending a tax return with TurboTax, they must ensure the following:
♦ That the original return is settled: Before filing an amended return, people should ensure that they receive their refund from, or paid the amount due, on the original tax return.
♦ That a copy of the original return is printed and available.
♦ That the right version of TurboTax is used: Since forms change yearly, only attempt to amend the return with the corresponding year’s version of TurboTax.
Once the prerequisites are satisfied, the software facilitates amendment through the following steps.
1. Access your original tax return in TurboTax: Open the application. On the first page that opens, click the “Amend return” link.
2. You only need to state the changes that you are making to the original return. TurboTax allows you to identify specific changes that you are making to the return. You can easily navigate to the designated areas, depending on the category that needs to be changed.
3. Answer the TurboTax prompt by indicating the reason you are making the change to a particular segment or line. This is mandatory.
4. TurboTax reflects changes in information made in the “Federal” area in the “State” area. While this is so, the software still prompts for reasons for the changes. To avoid having to go over every change, you can simply input a primary reason for the state changes by referencing the changes made in the Federal area.
5. Print the amended returns must be printed and post it along with the original return and any additional forms or documents supporting the changes. It is important to note that tax amendments cannot be e-filed.