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Video instructions and help with filling out and completing Form 1040 vs. Form 1040x

Instructions and Help about Form 1040 vs. Form 1040x

Divide this text into sentences and correct mistakes: All right, for this video tutorial, I want to go over how to prepare a sample amended form 1040. So, in order to amend a form 1040, you have to file a form 1040x. Okay, 1040x is the amended U.S individual income tax return. If you need to amend a business return, you don't use this, right? There are separate procedures for that. So, in this example, I've got a couple of pieces in front of us. Obviously, we have the 1040x. I have one slide here that contains the fact pattern that we're going to be working with. Okay, so there's some information here. We'll come back to it. And in order to do this, you're also going to need, obviously, the originally filed 1040. So, the form 1040 that you filed first, that you later determined was incorrect, and then the corrected 1040. So, once you basically re-prepare that 1040 with the new information, what is that going to look like? So, let's start with the slide, and then we'll slowly work our way through these forms. Okay, so form 1040, again, it can be amended by filing a 1040x. Now, the 1040x previously, you had to paper file these. Now, the IRS is allowing you to electronically file 1040x, which is a good thing, right? That improves accuracy and processing times. You can still paper file it obviously, but if you're preparing this with tax return prep software, you likely can do a 1040x electronically. Now, here's the fact pattern we're going to be working with. We have John and Jane. They are married taxpayers, and they're both teachers living in Florida. Now, as a side job, John is a private tutor for students from a different school. So, he...