Steps To Seek Correct Federal Tax Returns By TurboTaxby Olivia James Mycustomerservice
Federal Income Tax is the tax imposed on the annual income of the people. The tax is imposed by the United States Internal Revenue Service (IRS) on all sorts of the annual income of the people. Moreover, TurboTax is American tax preparation software which is highly used by the population of America. In case you are looking for paying tax or want to make any amendment then TurboTax is the best option. If you had already filled and Seeking Correction in Federal Tax Returns, then follow these steps.
Step 1 - Collect all Latest Tax Documents
In this step, you have to collect all documents which include 1099 or W-2. The 1099 or W-2 you will only get when you have underreported your income. Moreover, it is also important that you also collect a copy of the original tax return and new credit and deduction receipt.
Step 2 -Form 1040X
In the next step, you have to download a copy of IRS Form 1040X, Amended U.S. Income Return. The following form is the only form which can be used to amend the personal tax return. In case you are not getting this form, you can simply find it by using the search function on the TurboTax website.
Step 3 – Make Amendment You Want To Make
In this step, if you are looking for the amendment on your original tax return then, you must need the blank copy of the form of that particular year. It will help you to recalculate your tax and will find the original numbers on the original tax return will change as a consequence of the amendment. Moreover, you can also locate IRS forms from the previous years. This you can find by using the IRS website or you can also use TurboTax’s prior year return function.
Step 4 – Prepare the New Schedules and Attachments
If you are planning for an amended return then, the IRS will only update the figures which are changed. You don’t need to complete the whole tax return. In case, any of the new schedules which you have filled will be changed because of your amendment, then these schedules will be prepared again and attached to your Form 1040X.
Step 5 – Fill the Form 1040X As Per Instructions
In this step write a clear description of the reason for filing Form 1040X. Now attach all the form you amending with any sort of amending documentation and mail all the documents to the address provided in Form 1040X. It is similar to the IRS service center which is processed for original income tax return. Moreover, you have to include the payment for any extra tax due if you don’t include, then IRS may apply interest and penalties on the unpaid amount.
How To File An Amendment with TurboTax?
In case you originally filed a return with TurboTax, then the TurboTax has easy steps for you. If the user already used the TurboTax Online then Log in to your account and choose “Amend a return that was filed and accepted”. In case the user is using the TurboTax CD/download product, sign back into your return and then choose “Amend a filed return”.
- The user must file a different Form 1040X for every tax return you want to amend.
- The Amended return can take more than three months for the IRS to process the amended amount.
Follow the steps given above in case you find any difficulty you can contact Mycustomerservice for instant TurboTax help. The expert will help you resolve every issue.
Created on Nov 11th 2019 04:04. Viewed 123 times.