We know that there are many instances in which you may have to make changes to a tax return you already filed. While the reason vary, we’ve noticed that the most common reasons include:
- You discovered deductions or credits that can substantially alter your return; on the flip side, you used deductions or credits you did not qualify for.
- You made an error or omitted important information.
- Your employer made an error and supplied you with amended W2 forms.
- You forgot to include income from some job(s).
Which tax returns can be amended and when?
The deadline to file amended tax return (Form 1040X) is 3 years from the time you filed the return (plus extensions) or 2 years from the time you paid the tax, whichever is later. Currently, you can still make changes to the returns filed for tax year 2009, 2010, and 2011. Some exceptions from the above-mentioned deadlines include:
- Bad debt or worthless security – 7 years from the time the debt or security became worthless.
- Foreign tax credit or deduction – 10 years from the time the foreign taxes were paid.
- Loss or credit carryback – 3 years from the time the return’s due date including extensions; 10 years in case of foreign credit or deduction.
Which tax returns cannot be amended?
Calculating errors happen and when the IRS discovers them, they typically send taxpayer a note and instructions on what to do. In those situations it is not necessary to amend your returns just like in situations when the IRS does not accept your tax return. If your return was rejected, follow the steps outlined for you. If your tax return is pending, it cannot be amended; wait for a response from the IRS first and then act on it.
So how do you amend a tax return if you’ve used TurboTax?
If you need to make changes to previously filed tax returns, first, select a tax return you need to alter, then follow the specific instructions. The new tax form that will be generated is Form 1040X, Amended U.S. Individual Income Tax Return.
- 2011 – https://turbotax.intuit.com/support/iq/Amend-a-Return/How-to-Amend–Change-or-Correct–a-2011-Return/GEN83887.html
- 2010 – http://turbotax.intuit.com/support/iq/Amend-a-Return/How-to-Amend–Change-or-Correct–a-2010-Return/GEN13226.html
- 2009 – http://turbotax.intuit.com/support/iq/Amend-a-Return/How-to-Amend–Change-or-Correct–a-2009-Return/GEN12784.html
TurboTax will guide you through the amendment process and will give you an opportunity to save the original tax file and print your returns. In most cases for those that are using the online version of TurboTax, you’ll see a link similar to this
Keep in mind that when you finish making changes and updates to the previously filed returns, you cannot efile the amended returns. You have to print them along with all necessary forms (TurboTax does it for you) and submit them to the IRS; TurboTax will provide all shipping details for you.