We’re human and we all make mistakes or just forget to include something in our tax return. Making changes to a return you already filed should is actually pretty easy – Especially if you’ve used TurboTax to file in 2013. It’s better to make changes rather that report incorrect information.
How to make tax changes in TurboTax?
When you log in to your online account, there is a summary of what has happened up to date. It’s a “Welcome Back” screen giving you information on your federal and state returns, more precisely whether they were accepted, rejected, or are still pending.
If you’re using this year’s version of TurboTax, on you right, you have two options: print/save your documents and amend/change your return. If you decide that you need to make changes to your return, you should do the following:
- Before making changes, wait for your refund to arrive or pay any amount you owe to the government. Once that is finalized you should proceed with the amendment.
- Save your original return to a hard or flash drive and print it– do not make any changes to the return if you don’t have a copy of the original you filed; the original will be necessary in the amendment process, you will be required to enter some numbers from that return.
- Do not amend returns that are “Pending” or “Rejected” – only “Accepted” (or returns that you mailed) can be amended.
- Click on “amend/change” and follow on-screen instructions.
The process is similar is you purchased a TurboTax CD. Open TurboTax and select “Other tax situations” where you access “Amend a return”. Click “Start” and follow the software’s instructions.
Remember that you cannot e-file the amended return. You will have to print your amended return (it will become Form 1040X) and mail it. You have three years to make changes from the time you filed the return (plus extensions) or 2 years from the time you paid the tax, whichever is later. As of today, you still have time to make changes to a return you filed in 2009, although very little time is left.
If you need to make changes in TurboTax to the past returns, make sure that you use the appropriate version of TurboTax, i.e. for changes to your 2009 return, use TurboTax 2009 version; changes to the return filed in 2010 have to be made in TurboTax 2010 etc.
Amended returns can take up to 12 weeks to be processed by the IRS. Processing time for state returns can vary and it’s best to check with the appropriate state agency. If you want to track the status of your amended refund, click here.
For more on amending TurboTax returns, see a previous post: http://www.letsdotaxes.com/how-to-amend-a-turbotax-return/