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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 19379
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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In process of amending 2017 return. Using turbo tax There

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In process of amending 2017 return. Using turbo tax There was error on ST gains- showed 2 stocks twice thereby doubling my ST gains for 2017 This resulted in using more of my loss carryover which is now affecting my 2018 return. Why is the amended return wanting me to input all of my 2017 tax return numbers again in addition to inputting the one change ? Thank you. Brenda
JA: What are the assets or property for this capital gain?
Customer: 2 different stocks
JA: Anything else you want the Accountant to know before I connect you?
Customer: Not re:2017 amended return

Hi. My name’s Lane. Welcome to JustAnswer.com

  • I hold a law degree (Juris Doctorate), an MBA in finance, a BBA, and CFP and CRPS designations as well.
  • I’ve been providing tax law, corporate law, estate tax, and Social Security/Medicare advice to clients on three continents, since 1986.

I’m reading your question now … Bear with me a moment while I type up my response. If you have questions after that, we can go from there.

By the way … (If the site makes one of those automated phone offers, that DID NOT COME FROM ME. It’s an automatic offer that the site throws up there, I’d be glad to discuss this over the phone but the site charges more for that.

Customer: replied 5 days ago.
K. Thank u
Customer: replied 5 days ago.
I responded to your text. Didn’t know if u say that. I look forward to your help

I'm not intimately familiar with turbotax (although I used it years ago and now use one of intuit's professional programs with my clients).

...

It might help to understand that the 1040X

https://www.irs.gov/pub/irs-pdf/f1040x.pdf

...

is a three column form that uses (1) subtotals from the previous form, (2) those same numbers from the new return (your changed numbers flowing through and making the numbers AFTER that all different, and (3) a column in the middle that shows the difference between the two numbers.

...

Then there is a box on page two of this short form to explain why you are making the change.

...

So, it's necessary to enter old numbers, and the new numbers, so that the program can calculate the column B numbers to show the change from the old to the amended return.

Does that help?

Customer: replied 5 days ago.
I understand. The amended return is prompting me to re- enter all of the numbers on my tax return- everything u would enter on a new return. Why would I need to re- enter numbers that didn't change?

THis is the essence of the form (see attached). you have to enter the old numbers AND the new numbers, so that the program can calculate column B, and whether you now owe more or less.

Customer: replied 5 days ago.
I'm looking at it now.

That correct amount in column C is going to be different all the way down after making the change.

Customer: replied 5 days ago.
makes sense

Said differently, all of the subtotals after the change will now be different, as the change flows through the return.

Customer: replied 5 days ago.
I got an 2018 extension however it's due in 15th. I don't owe any money. However amended return will effect the carryover for 2018. Do u wait to file til extension is accepted by irs? Not sure what I'm supposed to do

If you were doing this completely by hand, you print out the originally filed return, print out the re-worked return, and then fill in the numbers in A (totals from original return) and C (numbers from re-worked return) ... then doing the math to see what the change was from A to C

Yes, you want to have the return reflected in Column A be an accepted return.

Customer: replied 5 days ago.
Perhaps I should take a printed copy of 2017 and send it in with the 1040x form?

No, you don't have to include the original return.

According to the IRS:

"When filing an amended or corrected return:

  • Include copies of any forms and/or schedules that you're changing or didn't include with your original return. To avoid delays, file Form 1040X only after you've filed your original return. Generally, for a credit or refund, you must file Form 1040X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later.
  • Allow the IRS up to 16 weeks to process the amended return."

Bottom line, that column A needs to match the return they already have on file.

Customer: replied 5 days ago.
Ok. So I just need to include the form where the mistake is shown-in form 8949. Makes sense
Customer: replied 5 days ago.
K

That's right.

Customer: replied 5 days ago.
Re : my 2018 return not yet filed

not sure I understand that last comment

 

Customer: replied 5 days ago.
Do I wait to file-2018 til the amended return-2017 is accepted?

Ahhh ... Will you owe tax?

Customer: replied 5 days ago.
No

(on the 2018 return)?

Customer: replied 5 days ago.
The amended return will affect the loss carryover for 2018, then 2019 though.

The I would wait ... the non/underpayment enalty and the non/late filing penalty BOTH have as their basis, tax due.

...

Yx0 = 0

...

I would let them process the amended first, since you'll have no tax or penalty on the 2018 return

I understand ... all the more reason to wait .. will help them to "connect the dots."

Please let me know if you have any questions at all on this, before rating me.

 

If not, I'd appreciate a positive rating (you do that by clicking on the stars at the top of the page).

 

Otherwise I won’t be compensated.

 

 

Thank you,

Lane

 

Customer: replied 5 days ago.
Great. I was hoping you'd say that. Otherwise if I sent it in on October 15th I'd technically have to amend that one too (after 2017 amended was accepted). I really need the loss carryover to be where it's supposed to b

yep, agreed

Customer: replied 5 days ago.
Of course- I understand. Let me make sure I understand one more thing about 2017 amended

Sure

Customer: replied 5 days ago.
I want to make sure I have all the forms I need in order to do 2017 amended. U sent me the 1040x instructions- thank you. Do u have a copy of the 2017 amended return by chance?
Customer: replied 5 days ago.
I appreciate all of your help

https://www.irs.gov/pub/irs-pdf/f1040x.pdf

...

Note at the top where it says, "This return is for calendar year 2018, 2017, 2016, 2015 (with check boxes)

Just check the box for 2017

Customer: replied 5 days ago.
Great. Thank u!
Customer: replied 5 days ago.
I will make sure I fill out the rating

Thanks so much.

Lane and 6 other Tax Specialists are ready to help you
Customer: replied 5 days ago.
If I have another question about something else: ie: social security. Am I able to request you?

Yes, you can either click on my profile so that another question box opens up, set me up as a favorite expert, or say "For Lane," at the beginning of the question.

 

....

And , thank you!

Customer: replied 5 days ago.
K. Take care. Good nite

Nite. You too.