Easily Amending Your 2017 Taxes with TurboTax - A Comprehensive Guide

Amending your 2017 tax returns can be a daunting task, but using TurboTax simplifies the process and ensures that all your information is accurate and complete. This comprehensive guide will walk you through the steps to file amended returns efficiently and effectively. Whether you're a seasoned filer or a first-time user, this guide will help you understand and navigate the process with confidence.

Understanding Amended Tax Returns

Amending your tax returns is necessary when you discover errors in your original tax filing or when new information becomes available. Amended returns should be filed only after you have an updated understanding of your taxes and any refunds or additional taxes that might be due. Here’s a brief overview of when you might need to amend your returns:

Discovering after filing that you have more income that was not reported Being entitled to additional deductions, credits, or exemptions that were not claimed originally Receiving information that you should have reported, such as a bonus or side income Correcting math errors or data entry mistakes from the original filing Receiving a smaller refund than anticipated or receiving a tax bill

Filing an Amended Return with TurboTax

Using TurboTax to file amended returns is straightforward and user-friendly. Here's a step-by-step guide:

Step 1: Access TurboTax

Log in to your TurboTax account. If you need to purchase TurboTax, you can do so from the TurboTax website or from the Chrome Web Store. Once you're logged in, select the appropriate state or federal return form for your needs.

Step 2: Choose Amended Return

Once your return has loaded, look for the option to amend your return. This option is typically displayed prominently, often with a reminder to file an amended return if you have new information or updates.

Step 3: Update Your Information

After selecting the “Amended Return” option, enter any new or corrected information. TurboTax ensures that you can either amend only specific items or update your entire tax return. Be thorough and precise, ensuring that all additions, deletions, or corrections are accurate and reflect the correct numbers.

Step 4: Review Your Filing

After completing the amendments, review your return carefully. Check for any discrepancies, ensure that all information is up-to-date, and confirm that the changes are correctly applied. TurboTax provides tools to help you verify the accuracy of your amended return.

Step 5: Submit Your Amended Return

Once you are satisfied with your amended return, you can submit it. TurboTax will guide you through the final steps to ensure that your amended return is properly filed. After submission, you will receive a confirmation message indicating that your amended return has been successfully filed.

Post-Filing Considerations

After filing your amended tax return, there are a few important considerations to keep in mind:

Receiving a Refund: If your amended return results in a larger refund, you will receive it, but only after your amended return is processed by the IRS or your state tax authority. Handling a Tax Bill: If your amended return generates additional taxes, you will need to make arrangements to pay the amount due. This can often be done through TurboTax's Payment Center, or you can set up an Automated Clearing House (ACH) payment. Waiting Period: After submitting your amended return, you should allow a reasonable amount of time for the IRS or state tax authority to process it. This can take a few weeks, so patience is key.

Conclusion

Filing an amended tax return for 2017 with TurboTax is designed to be as straightforward and intuitive as possible. By carefully following these steps, you can ensure that your amended return is accurate and meets all legal and regulatory requirements. Remember to update only information that has changed, review your return thoroughly, and submit it when you are confident that everything is correct.

For more information or help, TurboTax offers a variety of resources, including customer support, FAQs, and additional guides to assist you throughout the process. If you have any questions or encounter any issues while filing your amended return, TurboTax is there to help you every step of the way.