Tax Day has come and gone, and you filed your taxes well before the tax deadline. But what happens if you realize you left something out? When should you amend your tax return?
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Do You Need to Amend Your Tax Return?
First off, make sure you need to amend your tax return. If you’ve made minor math errors, the IRS states that they will be able to handle adjustments for minor math errors without requiring a 1040x amended tax return. However, if you need to report additional income (W2s, Unemployment, etc), change your filing status, claim missed tax credits and tax deductions, then you do need to amend your tax return if it hasn’t already been accepted by the IRS.
How to Amend Your Tax Return
In order to file a 1040x Amended U.S. Individual Income Tax Return, you will need to either print and sign it, and then mail it, or new as of last summer you can e-file it. E-filing it will save on some delivery time, since it can take up to 16 weeks to process amended returns after the IRS receives an amended tax return to process it.
If you’re amending a tax return and are expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your 1040x (you may cash the check you received). If you need help with amending your tax returns, TurboTax can guide you through the process.
If you filed your 2020 tax return (the taxes done during 2021) before the American Rescue Plan was put into effect and were eligible for the unemployment income benefits exclusion, you might not need to file an amended return to claim those benefits.
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Correcting a Tax Return
But wait, don’t hit the amend button so fast! There is another situation where you do not have to file an amendment. Did you already e-file your tax return and just receive a K-1 or 1099? If you did, but your e-filed tax return was rejected by the IRS and not accepted due to a necessary correction, you don’t need to amend your tax return. All you need to do is add the previously missed forms, fix the reject error on your tax return and then it can be e-filed. And if you used TurboTax, we will guide you through correcting the reject status on your tax return.
Lastly, remember when you amend your federal tax return you may need to amend your state tax return since some states follow Federal tax law. You can check the status of your amended return with the IRS using the Where’s My Amended Return tool.
TurboTax Has You Covered
Don’t worry about knowing these steps for amending your tax return. TurboTax will guide you through amending your tax return, and if you used TurboTax Live to prepare your taxes, you can connect live via one-way video to a TurboTax Live tax expert to get your questions answered year-round at no additional charge.