How to Correct Federal Tax Returns?

Preparing and filing taxes is a complicated and time-consuming process. It involves a lot of calculations and juggling through multiple forms, documents etc. However, it is an absolutely simple task for Turbotax users. They have to simply answer a few questions, provide some details and attach documents. All the calculations and tax preparations are done by Turbotax with guaranteed accuracy. Despite all this, any inaccuracy in the details provided by users can result in the incorrect filing of tax returns. At this point, they want to know, “How to Correct Federal Tax Returns?” Although you can not make changes to the tax form that you have already filled. However, users may not worry about the same as they can easily file an Amended Tax Return. 

Does TurboTax Allow To Correct this?

TurboTax assists you in preparing your Amended Tax Return. You have to undergo a simple and convenient process for the same just like preparing the original Tax Return. However, once it is duly prepared, users must get a printout and mail it to the authorities. This is because the IRS doesn’t accept your Amended Tax Return over the internet.

Here, you must remember one thing that TurboTax has dedicated versions for preparing tax returns for specific years. Therefore, you can file this year’s Amended Tax Return only with this year’s version of TurboTax. In short, you should use the specific version of the year for which you are filing the return.

What All Corrections Can Be Made In Federal Tax Returns?

You can make the following corrections in your Federal Tax Returns. However, if there is some calculation mistake or missing forms like W-2. Then, there is no need to amend the same.

• Filing status
• Exemptions
• Income
• Deductions or credits

How to Correct Federal Tax Return?

TurboTax makes it extremely convenient to correct your Federal Tax Returns. Although, the process is extremely simple. However, you must closely follow the below-given instructions for a hasslefree experience.

1. You can file your  Amended Tax Return through Form 1040X. You can use it only if you have original Returns were made through one of these forms:

• 1040
• 1040-SR
• 1040A
• 1040EZ
• 1040NR
• 1040NR-EZ

2. Besides that, you must ensure that these corrections are made within three years of filling the original Tax Returns. However, you must wait until you have received your refund or paid your tax dues.
3. Along with that, get a printout of your original Tax Return. You will need this to refer the details. However, you are not required to attach it with your Amended Tax Return.
4. Apart from it, you must secure the following documents. 

• W-2s
• Schedules
• Worksheets
• Corrected information and calculations
• Any forms needed to support corrections

5. Now, open the required version of TurboTax on your computer. In short, it should be the same year’s version for which you are filling the return.
6. Then,Turbotax login to your TurboTax account.
7. Next, you should open your original Federal Tax Return that you have already filled. On its very first page, you will find a link to amend your return. Hence, click on the same.
8. Subsequently, TurboTax will prompt you to answer a few questions. All you have to do is provide accurate information, particularly about the required corrections. Here, TurboTax will guide you along the way to ensure you are providing accurate details.
9. Along with that, it will also seek the reason for amending the return. Another important thing to remember is that this explanation should be very specific.
10. Subsequently, TurboTax will review all the details and make the necessary calculations. 
11. Thereafter, it will accurately fill in all the three sections of “Form 1040X”. Along with that, it will notify your tax liability or pending refund. 
12. Once the form is duly filled, get its printout. 
13. It will also list the necessary documents to attach with the form that supports the corrections. Hence, ensure that you have them ready.
14. In addition to that, if it shows any balance amount that you have to pay. Then, you will also have to attach a check or money order with your Form 1040X. However, if you want, TurboTax allows you to make the balance payment online using Direct Pay or the Electronic Federal Tax Payment System (EFTPS).
15. Now, attach the documents with the form and mail it to the appropriate address. You will find the address listed on the “Instructions Sheet” of your form.