Amended returns

Forum|Forum|4 years ago
July 26, 2021
2 replies
22 views

How do you do an amended return for someone who filed before Mid March 2020? Pro Series automatically updated the information. However, an amended return needs to be filed for additional credits that are now available to them. The changes will not calculate correctly because of the updated information.

for example: taxpayer had unemployed that they were taxed on. This increased their AGI and they had to pay back some the the ATC. With the changes, they will not owe the ATC. However, the updates to my original tax return already removed this information and shows a new refund amount. How do I do an amended return?

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

I havent fiddled around with any of these yet, but Im guessing you'll probably have to go in and do a reversing entry on the Other Income line to make the return match your original, then activate the 1040X, then go back and remove your reversing entry.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

K

karzakAuthor

Level 3

Thanks. I have been trying to do that, but I can't seem to get the info to work. I will keep trying. Maybe I will come up with something to share.

BobKamman

Level 15

What do you mean by "ATC" ?

Just-Lisa-Now-

Intuit Community Champion

guessing APTC

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

Well then, I'll guess ACTC.

And what IRS says is:

Taxpayers do not need to file an amended return if they:

already filed a tax return and did not claim the unemployment exclusion; the IRS will determine the correct taxable amount of unemployment compensation and tax;
have an adjustment, because of the exclusion, that will result in an increase in any non-refundable or refundable credits reported on the original return;

https://www.irs.gov/newsroom/irs-readies-nearly-4-million-refunds-for-unemployment-compensation-overpayments

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