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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

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 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 uh contains the fact pattern that we're going to be working with okay so there's some information here we'll come back to and in order to do this you're also going to need obviously the originally filed 1040 so the the form 1040 that you filed first uh 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 sets up a florida llc he's the...

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