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Taxpayers who filed their tax returns and then realized they made a mistake or forgot to claim a deduction or credit may need to file an amended return. This can seem like a daunting task, but with TurboTax Amended Return, the process can be made much simpler. TurboTax provides a complete guide to filing an amended return, providing step-by-step instructions and guidance on what forms to fill out and how to correct previous errors. Amending a tax return can be stressful, but with the right tools and resources, it can be done effectively and efficiently.
What is an Amended Tax Return?
An amended tax return is a return that a taxpayer files in order to modify certain previously submitted information. While most taxpayers file their tax returns only once, sometimes an error or omission is discovered after the return is submitted, or additional information comes to light that requires changes to be made.
Filing an amended tax return enables taxpayers to correct any mistakes or provide additional information, which in turn can impact their tax liability. Although filing an amended tax return may seem daunting, it's a relatively straightforward process that can ultimately benefit taxpayers in the long run.
When do I file an Amended Tax Return (ATR)?
Filing taxes can be a complex process, and it's not uncommon for mistakes to be made on the initial return. But don't worry, the IRS allows taxpayers to file an Amended Tax Return (ATR) if errors or omissions are discovered after the fact. ATRs can also be used to claim additional deductions or credits that were missed on the original return. In general, it's best to file an ATR as soon as possible to avoid penalties and interest on any additional taxes owed.
Important Facts To Consider
You must consider these points before starting the amended return process
Use the same TurboTax account which you used during the original return.
If you can see the refund form in the Tax Returns & Document section, you are using the wrong account.
You can not amend a tax return that you have not filled out.
Ensure that your refund is accepted.
You can amend tax returns online for free in TurboTax.
Steps To File An Amended Tax Return TurboTax
Click on the link below to open TurboTax.
Select File & New at the top of the page.
Choose the option to file an amended return TurboTax and click Next.
Enter the information requested on the screen and click Continue.
Go to the Tax Home page.
Select the Tax Returns & Documents option.
Choose the Year from the list.
Fill out the reasons and tap Continue.
Ensure that your Refund Monitor is reset to $0.
If you want to change the information, tap on the Start button.
Click Done to save the changes.
Finish the Tax Amend process.
Time Period For Amended Return
Amending a tax return is a common process used to correct mistakes made on previous filings. However, the deadline to submit an amended return varies depending on the specific tax situation. The time period for submitting an amended return can range anywhere from a few weeks to several years. It's important to understand the specific guidelines for your tax situation in order to ensure that you meet the appropriate deadline.