Does TT incorporate amendments to the next year, as applicable.

Forum|Forum|3 years ago
February 26, 2023
1 reply
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My dilemma is that I have chosen to amend the last two years of returns completed with TT. I amended 2020 and feel very solid about my changes but I now need to also amend 2021. The question is will TT (2021 premiere) recognize the amended portion of 2020 in the transfer of information to 2021? IN this case it is depreciation information for a rental asset. Or, do I need to manually update Schedule E in 1040X for 2021. Just looking to see if there is any streamlining (and error reducing options) available to make this happen.

VolvoGirl

Employee

No you have to do each year separately and manually update the next year. Because you have to start the 2021 amended return with the original filed 2021 return. Now if you haven't filed 2022 yet you can start by transferring from the 2021 amended return.

Carl11_2

Employee

When you are amending a tax return, it is not possible to import from the prior year's tax return. If you amended the prior year's tax return you will have to manually enter anything and everything that was changed on that prior year's return, if any of those changes would have any impact on the tax return you are amending.