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February 1, 2021
Question

Please help !

  • February 1, 2021
  • 1 reply
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I already filed my 2020 taxes after submitting I have realized I entered the wrong amount for one of my stimulus payments.  How can I fix this / amend this ? 

    1 reply

    ColeenD3
    February 1, 2021

    You will have to wait until the IRS opens on February 12 to amend your return. 

     

    In the meantime, make sure that you have all your reporting forms accounted for so that you don't have to do a second amendment.

    February 1, 2021

    What steps do I need to take to amend it on the 12th ? 

    macuser_22
    Employee
    February 1, 2021

    You do not amend on the 12th.

     


    If you filed, it is like dropping it into the mail - you cannot get it back if accepted by the IRS or state.


    To amend your 2020 tax return:

    -- First, *wait* to see if your return has been accepted or rejected by the IRS or state. DO NOT do anything until you receive the accept or reject e-mail.

    The IRS will not open to accept or reject return until Feb 12, so wait.

    -- If rejected, you can correct and re-send your return.

    -- If accepted you should *wait* until your return has been processed and you receive your refund or conformation that any tax due has been paid. (If you file an amended return while you first return is being processed it can cause extended delays for both returns if two returns are in the system at the same time). In addition, if the IRS makes any change on your original return, you might end up having to amend the amendment – a sticky process that can take a year or more).

    -- Then you can start the amend process.

    It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it. That is the only proof of mailing that the IRS will accept.

    -- Amended returns can be mailed or e-filed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.


    See this TurboTax FAQ for help with amending:

    https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

    You can check the status of your amended return here but allow 3 weeks after filing for it to show up:
    https://www.irs.gov/filing/wheres-my-amended-return

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**