How to amend my 2020 return?

Forum|Forum|11 months ago
April 23, 2025
2 replies
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Approximately four years ago, I submitted my Form 1040 via TurboTax on time for the 2020 year. Now I want to amend my 2020 return and add $3,000 gift income. Which forms do I need to fill out? Should I do this myself? I think I will owe a little bit of money to the U.S. Treasury, so will I pay with a check from my checking account? Can you tell me what I need to do?

Thanks.

Ask the Experts - Amend - April 2025

xmasbaby0

Employee

Gift income? Money you received as a gift is not entered on a tax return. Gifts are not taxable and gifts given to others are not deductible.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

CatinaT1

You do not need to add gift income to your tax return. A person can gift so much per year without there being a gift tax return needed.

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CommunityQuestionnerAuthor

I know that I am not required to report this, but I want to report that I received the gift. I have been reporting gift income as Miscellaneous Income on my tax return in recent years. How would I do this?

CatinaT1

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.

You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions.

Amend TurboTax Online

Amend TurboTax CD/Download

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