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Should/Can I file a tax amendment?

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  • jfoxcpacfp
    replied
    Originally posted by ir0nhide
    This is for the 2019 tax return that I had filed last year. I had withheld less so I had to pay taxes during filing.

    While filling out my 2020 returns, I realized I made a mistake in my 2019 one and hence I want to amend that.


    One more question - Does it matter if I file my 2020 tax returns first and then file the amendment? I am hoping there is no order in that
    No, the order of amending 2019 and filing 2020 doesn’t matter. At least it shouldn’t.

    Leave a comment:


  • ir0nhide
    replied
    This is for the 2019 tax return that I had filed last year. I had withheld less so I had to pay taxes during filing.

    While filling out my 2020 returns, I realized I made a mistake in my 2019 one and hence I want to amend that.


    One more question - Does it matter if I file my 2020 tax returns first and then file the amendment? I am hoping there is no order in that

    Leave a comment:


  • spiritrider
    replied
    When did you file?

    Personally, when I have had to file an amended return in the same year. I always waited until well after the IRS has processed the return. Given current circumstances, even then I would wait until at least the summer.

    Note: You can now e-file amended 1040 tax returns using tax software. It is only available for 2019 and 2020 returns that were themselves e-filed.

    Leave a comment:


  • jfoxcpacfp
    replied
    Sure you can. You have 3 years from the date of filing or the original due date, whichever is later (not including extensions).

    Leave a comment:


  • ir0nhide
    started a topic Should/Can I file a tax amendment?

    Should/Can I file a tax amendment?

    Hello...While filling out my 2020 tax returns, I realized that I had incorrectly reported the cost basis of some stock sales I had on my 2019 returns. Basically, I did not take into account the adjusted cost basis from eTrade's supplemental form and eventually overpaid taxes on the capital gains.

    My question is if I can file a tax amendment for this particular scenario? This is the first time I did something like this and want to make sure I can do that.
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