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Need to amend 2020 return adding additional income

Level 2

Does anyone have the answer?  Need to amend a 2020 return to ADD income to Sch C.  Original return was filed BEFORE the premium tax credit repayment exclusion went into effect.  I know we don't have to amend just because of the PTC exclusion BUT I need to add income to the return.  Should I amend as the original return was filed leaving in the PTC payback or should I amend without the PTC payback.? Client has not yet received a refund or letter from the IRS indicating that they have changed the return for the PTC payback.

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3 Comments 3
Level 13

I think the 1040x asks for the return as originally filed, then changes, then corrected return... Therefore I would use the original return you filed and don't worry about the premium tax credit repayment, let the IRS take care of that... But this is just my opinion since there has been a lot of new crap this year...

Level 12
Level 12

I agree with PATAX, but I would try and wait until his 2020 return is processed before amending, then you will have no headaches to deal with. If he owes then I would have him make a Payment now on irs,gov to reduce any penalties, and interest. 

Level 7

you might also want to wait to amend until the efile system comes back up. Waiting another 6 weeks or so to e-file is still a quicker turn around time than what . . . .8 months for a paper return to get through the system.