To create and file the amended corporate return in TaxAct:
Ensure that you have a copy of your original return.
If you used TaxAct to file the original, you can choose to print a copy of the original return at this time. If you already have a copy, continue below.
If you used another program, or didn’t print or save your return when you filed, you will need to obtain a copy from the IRS before continuing.
Open the return.
Enter the correct information in each part of the return, as applicable.
Make a note of each item you are changing and the reason for each change. You will need these notes for the next steps.
Choose Filing, then Amend Federal Return.
Continue through the informational pages, then on the Amended Federal Return - Complete Form 1120X screen, check the Amended Federal return box and click Continue.
Continue the interview process to enter the values from the original return and the explanation of changes for each line that was changed.
On the screen titled Amended Federal Return - Filing Form 1120X select either Paper filing or E-Filing and click Continue.
Complete the filing steps.
Notes
Generally, for a credit or a refund, Form 1120-X must be filed within 3 years after the date the corporation filed the original return, or within 2 years after the date it paid the tax, whichever is later. A return filed early is considered filed on the due date.
If corporation is amending its federal return, it may also have to amend certain state returns.
It often takes the IRS 3 - 4 months to process Form 1120-X.