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Can You Amend A Tax Return Online

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Can You Amend A Tax Return Online

Can you amend a tax return online Publication 505 - Additional Material Prev  Up  Next   Home   More Online Publications

Topic 303 - Checklist of Common Errors When Preparing Your Tax Return

Before filing your return, review it to make sure it is correct and complete. The following checklist may help you to avoid common errors:

  • Did you consider filing your tax return electronically? By electronically filing your tax return, many common errors may be avoided or corrected by the computer software. Depending on your income, you may even qualify to e-file for free by using Free File tax software. For more information, visit the IRS website at www.irs.gov and click on the e-file logo on our home page.
  • Did you clearly print your name, social security number, and address, including ZIP code directly on your return? Note that if you are married but filing a separate return, do not include your spouse's name in the name, address and social security number fields on the return.
  • Did you enter the names and social security numbers for yourself, your spouse (if filing jointly), your dependents, and qualifying children for the earned income credit or child tax credit, exactly as those names and numbers appear on each person's social security card? If there have been any name changes be sure to contact the Social Security Administration at www.ssa.gov or call at 800-772-1213.
  • Did you check only one filing status?
  • Did you check the appropriate exemption boxes and enter the names and social security numbers exactly as those names and numbers appear on each person's social security card, for all dependents you claimed? Is the total number of exemptions entered?
  • Did you enter income, deductions, and credits on the correct lines and are the totals correct?
  • If you show a negative amount on your return, did you put brackets around it?
  • If you are taking the standard deduction and checked any box indicating either you or your spouse were age 65 or older or blind, did you find the correct standard deduction using the chart in the Form 1040 Instructions (PDF) or the Form 1040A Instructions (PDF)?
  • Did you figure the tax correctly? If you used the tax tables, did you use the correct column for your filing status?
  • Did you sign and date the return? If it is a joint return, did your spouse also sign and date the return?
  • Do you have a Form W-2 (PDF) from each of your employers and did you attach Copy B of each Form W-2 to your return? If you have more than one job, combine the wages and withholdings from all Form W-2s you receive and report those amounts on one return.
  • Did you attach each Form 1099-R (PDF) that shows federal tax was withheld?
  • Did you attach all other necessary schedules and forms in sequence number order as shown in the upper right-hand corner?
  • Did you use the correct mailing address from your tax form instructions?
  • Did you use a postage stamp on the envelope?
  • If you owe tax, did you enclose a check or money order made payable to the "United States Treasury" with the return and include your name, address, social security number, daytime telephone number, tax form, and tax year on the payment? For additional information, refer to Topic 158.
  • If you are due a refund and requested direct deposit, did you check your financial institution's routing and account numbers?
  • Did you make a copy of the signed return and all schedules for your records?

A few of the most common errors are:

  1. Incorrect or missing social security numbers.
  2. Incorrect tax entered based on taxable income and filing status.
  3. Computation errors in figuring the taxable income, withholding and estimated tax payments, earned income credit, standard deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit. Also, missing or incorrect identification numbers for child care providers.
  4. Withholding and estimated tax payments entered on the wrong line.
  5. Math errors, both addition and subtraction.

It is important that you review your entire return because any errors may delay the processing of your return.

Page Last Reviewed or Updated: January 22, 2014

The Can You Amend A Tax Return Online

Can you amend a tax return online 8. Can you amend a tax return online   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Can you amend a tax return online Half-time student. Can you amend a tax return online How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. Can you amend a tax return online ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. Can you amend a tax return online Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Can you amend a tax return online If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Can you amend a tax return online You cannot deduct either payments or contributions to a QTP. Can you amend a tax return online For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Can you amend a tax return online What is the tax benefit of a QTP. Can you amend a tax return online   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. Can you amend a tax return online See Are Distributions Taxable , later, for more information. Can you amend a tax return online    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. Can you amend a tax return online See Coordination With American Opportunity and Lifetime Learning Credits, later. Can you amend a tax return online What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. Can you amend a tax return online QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Can you amend a tax return online The program must meet certain requirements. Can you amend a tax return online Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. Can you amend a tax return online Qualified education expenses. Can you amend a tax return online   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Can you amend a tax return online As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. Can you amend a tax return online See Half-time student , later. Can you amend a tax return online The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Can you amend a tax return online Tuition and fees. Can you amend a tax return online Books, supplies, and equipment. Can you amend a tax return online Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. Can you amend a tax return online Expenses for room and board must be incurred by students who are enrolled at least half-time. Can you amend a tax return online The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Can you amend a tax return online The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Can you amend a tax return online The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Can you amend a tax return online You will need to contact the eligible educational institution for qualified room and board costs. Can you amend a tax return online    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. Can you amend a tax return online Designated beneficiary. Can you amend a tax return online   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Can you amend a tax return online The designated beneficiary can be changed after participation in the QTP begins. Can you amend a tax return online If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. Can you amend a tax return online Half-time student. Can you amend a tax return online   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Can you amend a tax return online Eligible educational institution. Can you amend a tax return online   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Can you amend a tax return online S. Can you amend a tax return online Department of Education. Can you amend a tax return online It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Can you amend a tax return online The educational institution should be able to tell you if it is an eligible educational institution. Can you amend a tax return online   Certain educational institutions located outside the United States also participate in the U. Can you amend a tax return online S. Can you amend a tax return online Department of Education's Federal Student Aid (FSA) programs. Can you amend a tax return online   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. Can you amend a tax return online There are no income restrictions on the individual contributors. Can you amend a tax return online You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Can you amend a tax return online   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. Can you amend a tax return online This is a return of the investment in the plan. Can you amend a tax return online The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). Can you amend a tax return online Earnings and return of investment. Can you amend a tax return online    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Can you amend a tax return online The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Can you amend a tax return online Form 1099-Q should be sent to you by January 31, 2014. Can you amend a tax return online Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. Can you amend a tax return online Adjusted qualified education expenses. Can you amend a tax return online   This amount is the total qualified education expenses reduced by any tax-free educational assistance. Can you amend a tax return online Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Can you amend a tax return online Taxable earnings. Can you amend a tax return online   Use the following steps to figure the taxable part. Can you amend a tax return online Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Can you amend a tax return online The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Can you amend a tax return online Subtract the amount figured in (1) from the total distributed earnings. Can you amend a tax return online The result is the amount the beneficiary must include in income. Can you amend a tax return online Report it on Form 1040 or Form 1040NR, line 21. Can you amend a tax return online Example 1. Can you amend a tax return online In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Can you amend a tax return online Over the years they contributed $18,000 to the account. Can you amend a tax return online The total balance in the account was $27,000 on the date the distribution was made. Can you amend a tax return online In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Can you amend a tax return online She paid her college expenses from the following sources. Can you amend a tax return online   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. Can you amend a tax return online   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. Can you amend a tax return online Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Can you amend a tax return online Sara figures the taxable part of the distributed earnings as follows. Can you amend a tax return online   1. Can you amend a tax return online $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. Can you amend a tax return online $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. Can you amend a tax return online Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Can you amend a tax return online This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. Can you amend a tax return online Example 2. Can you amend a tax return online Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). Can you amend a tax return online   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. Can you amend a tax return online   1. Can you amend a tax return online $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. Can you amend a tax return online $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). Can you amend a tax return online This represents distributed earnings not used for adjusted qualified education expenses. Can you amend a tax return online Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. Can you amend a tax return online For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Can you amend a tax return online Example 3. Can you amend a tax return online Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. Can you amend a tax return online In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Can you amend a tax return online   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. Can you amend a tax return online Note. Can you amend a tax return online If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . Can you amend a tax return online Coordination With Tuition and Fees Deduction. Can you amend a tax return online   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Can you amend a tax return online Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. Can you amend a tax return online You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Can you amend a tax return online Your basis is the total amount of contributions to that QTP account. Can you amend a tax return online You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. Can you amend a tax return online If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Can you amend a tax return online ) from all such accounts in order to determine your taxable earnings for the year. Can you amend a tax return online By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Can you amend a tax return online Example 1. Can you amend a tax return online In 2013, Taylor received a final distribution of $1,000 from QTP #1. Can you amend a tax return online His unrecovered basis in that account before the distribution was $3,000. Can you amend a tax return online If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Can you amend a tax return online Example 2. Can you amend a tax return online Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. Can you amend a tax return online His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Can you amend a tax return online Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Can you amend a tax return online In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Can you amend a tax return online   1. Can you amend a tax return online $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. Can you amend a tax return online $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. Can you amend a tax return online $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. Can you amend a tax return online Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Can you amend a tax return online Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Can you amend a tax return online Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. Can you amend a tax return online Exceptions. Can you amend a tax return online   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Can you amend a tax return online Made because the designated beneficiary is disabled. Can you amend a tax return online A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. Can you amend a tax return online A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. Can you amend a tax return online Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Can you amend a tax return online Made on account of the attendance of the designated beneficiary at a U. Can you amend a tax return online S. Can you amend a tax return online military academy (such as the USNA at Annapolis). Can you amend a tax return online This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. Can you amend a tax return online S. Can you amend a tax return online Code) attributable to such attendance. Can you amend a tax return online Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. Can you amend a tax return online ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Can you amend a tax return online Figuring the additional tax. Can you amend a tax return online    Use Part II of Form 5329, to figure any additional tax. Can you amend a tax return online Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Can you amend a tax return online Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Can you amend a tax return online In addition, the designated beneficiary can be changed without transferring accounts. Can you amend a tax return online Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). Can you amend a tax return online An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Can you amend a tax return online Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Can you amend a tax return online These are not taxable distributions. Can you amend a tax return online Members of the beneficiary's family. Can you amend a tax return online   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Can you amend a tax return online Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Can you amend a tax return online Brother, sister, stepbrother, or stepsister. Can you amend a tax return online Father or mother or ancestor of either. Can you amend a tax return online Stepfather or stepmother. Can you amend a tax return online Son or daughter of a brother or sister. Can you amend a tax return online Brother or sister of father or mother. Can you amend a tax return online Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Can you amend a tax return online The spouse of any individual listed above. Can you amend a tax return online First cousin. Can you amend a tax return online Example. Can you amend a tax return online When Aaron graduated from college last year he had $5,000 left in his QTP. Can you amend a tax return online He wanted to give this money to his younger brother, who was in junior high school. Can you amend a tax return online In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. Can you amend a tax return online If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. Can you amend a tax return online Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. Can you amend a tax return online See Members of the beneficiary's family , earlier. Can you amend a tax return online Example. Can you amend a tax return online Assume the same situation as in the last example. Can you amend a tax return online Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. Can you amend a tax return online Prev  Up  Next   Home   More Online Publications