Amending a tax return

Hi,

I just filed my federal/state tax return a few days ago using the H&R block tax software. I realized I made a mistake by not reporting one of the stock transactions that results in a small capital gain. I would like to rectify this mistake. I checked the IRS website and the status indicates that the federal return has been accepted but is being processed. How should I go about correcting this? Should I wait to get my refund from the federal / state first, and then file an amended return (all forms?) and send in the tax that will be due as a consequence? Thanks

Reply to
pallavgupta
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wrote in message news: snipped-for-privacy@googlegroups.com... I just filed my federal/state tax return a few days ago using the H&R block tax software. I realized I made a mistake by not reporting one of the stock transactions that results in a small capital gain. I would like to rectify this mistake. I checked the IRS website and the status indicates that the federal return has been accepted but is being processed. How should I go about correcting this? Should I wait to get my refund from the federal / state first, and then file an amended return (all forms?) and send in the tax that will be due as a consequence? Thanks ===========Yes, wait until the return that was sent in is fully processed (i.e. refund issued) before amending.

Reply to
D. Stussy

An amended return is not a complete revised or corrected tax return. It's a special form, Form 1040X, that summarizes the differences between your original return and the amended return. You send in only the 1040X and those schedules or forms that changed. Since you are adding a capital gain, you would include the revised Schedule D and Form 8949. You might have to include other forms if the change in your AGI affects them. An amended return has to be filed by mail. It cannot be e-filed.

Your tax software should guide you through amending your return and preparing the Form 1040X.

Bob Sandler

Reply to
Bob Sandler

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