How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10113
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

I want to amend a 2015 1120s return and check the box on the

Customer Question

I want to amend a 2015 1120s return and check the box on the front of the return (Amended). It does not provide me a schedule or area to explain the reason for the change. It does not provide a 1120x like and 1040 does.
It allows me to make the change on the return but not explain the change. Why am I doing wrong?
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

The amended 1120 is done differently. There is no X version of the 1120-S

...

What you'll do is attach a statement.

...

For example, We used Lacert for a while (I use anpther intuit product for clients now, and havent had to do that, but I suspect it;s the same) and in Lacert, when you put an explanation of the changes into Lacerte screen 3.1, the explanation will print on a separate page (as a statement).

Expert:  Lane replied 2 months ago.

SO again, look for an explanation of changes statement input (depending on your software, if you are filing electronically).

...

If you are filing paper, you can always create the statement yourself with Word, etc.

...

The statement should identify the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. This statement should be mailed with the amended return.

Expert:  Lane replied 2 months ago.

Please let me know if you have any questions at all.

...

And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

...

Thank you,

Lane

...

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Expert:  Lane replied 2 months ago.

P.S. If you'd like to tell me which software you're using, I can help you find the input for the statement... but again, some software doesn'the have a special data entry to produce the statement as, again, the way this is done with the 1120-S is simply by checking the amended box and sending in a separate explanation statement.

...

Let me know ... I'll be here.

...

Lane

Related Tax Questions