TaxACT now supports the filing of Form 1120X Amended U.S. Corporation Income Tax Return
. Federal Form 1120X - Amended Return
To avoid confusion it is usually best to wait and amend a return after the IRS has accepted the original return and you have received your refund, if applicable.
If this is a new return (i.e. you did not originally file through TaxACT from this account), first enter the information so the return mirrors what is shown on your originally filed, printed copy and then follow the steps below to complete the amended return.
#1. Log into your TaxACT online return or Start your 1120 Desktop Program.
#2. First be sure to PRINT a copy of the originally filed return; this will be your only record of the return as it was filed once you make the corrections for the amendment. This can be done in the Online return by clicking the My Return button in the top right corner, then selecting Print Center, and then clicking Print Return in the window that appears.
#3. Return to the Q&A interview and modify/add/delete the information that needs amending. Make a note of each item you are changing and the reason for each change as you will need these notes to complete Form 1120X. Once this step is completed, and the original return is corrected, those amended amounts will be reflected in Column C titled Correct Amount on Federal Form 1120X.
#4. To complete the amendment process:
If you receive an error when accessing Amend Federal Return that states you must first complete the Filing steps prior to Amending the return, go to the Filing tab and click Mail Paper Return. You will just need to proceed through these screens until you are prompted to actually print the return. (You will not need to print the return, just clicking to view it is sufficient.) Once you do this, you can go back to the Filing tab and choose to amend the return to complete the process.
- Click on the Filing tab and click on Amend Federal Return directly below the State Q&A tab
- The program will proceed with the interview questions for you to enter the appropriate information to complete the amended return. (Note: You may have already completed both Steps 1 and 2 that are listed on the screen Amended Return - Four Steps if you have followed all of the above instructions).
#5. The IRS supports both paper filing and e-filing for amended 1120X returns. At the end of the Amended Federal Return section you will be prompted to select either Paper Filing or Electronic Filing.