Form 1041 - Amending an Estate or Trust Income Tax Return
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An amended Form 1041 should be filed only if the IRS or state has already accepted the original 1041 return and you need to make changes due to an error, omission, or legislative update.
If you filed the original return through TaxAct, you can create an amended return for free, however, there may be fees for any additional forms required that were not included in the original return.
To complete the amendment process for your Federal return:
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, skip to the next step.
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.
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 to complete the Amended Return Statements Worksheet.
From within your TaxAct, click Filing, then choose Amend Federal Return. On smaller devices, click the menu in the upper left-hand corner, then click Filing.
If you see an error about completing the filing steps prior to amending, you must view the original return. To do so, click Filing on the left, then Print Return. Then you will be able to continue with creating the amended return.
Proceed through the interview questions to create the amended return.
At the end of the process, you will be prompted to either e-file or print an amended Form 1041 for paper-filing.
Notes:
If you decide to print and mail Form 1041 to the IRS, be sure to include any documents that may be required. These would be any forms created in the return due to the changes made, or any documentation that would support the changes made (e.g. corrected Form 1099-R, etc.).
If the income, deductions, credits, or other information provided to any beneficiary on Schedule K-1 has changed, new Schedules K-1 (Form 1041) must be filed with the amended return and corrected copies sent to the affected beneficiaries.
If the entity is amending the federal return, it may also have to amend certain state returns.