I think it is great, but I'm baffled at the timing. When have they had time to do this?
The IRS was scrambling to deal with the CARES Act. Then peak tax season. Then the shutdown, dealing with EIP, and whole bunch of new laws they need to implement into their systems both now (for payroll) and for the 2020 year.
When have they had time to add the 1040X???
As for Intuit, my prediction is that they won't do it with the 2019 software, but might starting with the 2020 software. But I hope I'm wrong and they do add it to the 2019 software.
Have you people completely lost your minds? You really want them to hurry up and get 1040X e-filing added? Do you realize how many things they could break doing that? I'm fine paper filing any amended returns that may come my way. I'm good with them taking their time and hopefully only doing minor damage to the rest of the program.
and ex marks the spot where those rocks and anvils hit me.
I'm curious to see what kind of fraud filters they're going to put on this. Right now there's a fairly narrow window in which a fraudster can efile a current year tax return and have it accepted (before the real taxpayer files). 1040s are basically "first one through the door wins" (at least in terms of EF acceptance). If they open that up to 1040X returns then it could be 3 years later that fraudsters are "amending" valid returns and having the check sent to the taxpayers "new" address.
And starting with 2019, really? Considering there were considerable tax law changes made retroactively to 2018, I suspect there are going to be way more 2018 amendments that normal years. I know I have several energy credit ones in the pipeline already, at least one T&F deduction and at least one PMI. And I have a small practice with no NOLs or broken QIP depreciation. Anyone with those will have to rewrite history.
This article says that the IRS will be ready in late summer. How about Intuit? And if you have an amended return ready to be mailed today, should you mail it or wait until e-file is ready? Is the IRS opening the mail now? Or is this still delayed with Covid-19?