Question

How can I edit my tax return

Forum|Forum|6 years ago
June 1, 2020
2 replies
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I forgot to add my small business to this year 2020 tax return can I add it to the one I already completed?

Employee

You already completed it? Did you already file it? You cannot change or add anything on the return that you e-filed. It is too late, just like when you put an envelope in a US mailbox

Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and add or change it and resend it.

If the IRS accepts your return, then you have to wait until it has been fully processed and you have received your refund or paid the tax due. THEN you can prepare an amended tax return 1040X and mail it in. You cannot e-file an amended return. Meanwhile, DO NOT change anything on your return until you start the amended return. If you did change or add the missing info then take it out and put your return back to the way it was when you first filed it.

You can check your efiling status here,
https://turbotax.intuit.com/tax-tools/efile-status-lookup/

How to amend an Online return

https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

R

Raul RaldaAuthor

Can I do a separate tax return for my small business?

VolvoGirl

Employee

It depends what kind of business entity you have. If you have a Single Member LLC that is not an S corp it is a disregarded entity and you file it on Schedule C in your personal 1040 return so you have to amend to add it.

Do you need to do a separate Business return for it? You need Turbo Tax Business. The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

R

Raul RaldaAuthor

Well the situation is this I open the business on spring of last year and didn't have any income until now just expenses what's the best way to file in this situation I guess?