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Amending A Business Return

Form 1120 is the only business return with a separate amended return (Form 1120-X). For all other entities, the original form has a check box in the form heading that indicates the return has been amended. Before amending any return, save a copy of the original return to paper or PDF for reference purposes as the original form will be changed as a result of the amending process.

Amending Forms 1120-S, 1065, 1041, 990, or 990-EZ

From the Main Menu of the return select:

  • Heading Information
  • Other Information (1120-S, 1041, 990, 990-EZ)
    or
    Other Categories (1065)
  • Select Amended Return, answer YES. Enter a description of the changes when prompted.
  • Select Exit and make any necessary changes in the return.
  • For passthrough returns, if the Schedule(s) K-1 changed as a result of amending the return, be sure to mark each K-1 as amended also and send a copy of each K-1 to the shareholder, partner, or beneficiary.
    • 1041 and 1120-S: Open each K-1 and click Amended K-1?, changing from No to Yes.
    • 1065: Open each K-1, select Other Information, then click Amended K-1?, changing from No to Yes.

When you print the return, there will be an X in the Amended Return check box in the heading indicating that the return has been amended.

Note: The amended Form 1120-S, 1065, 1041, 990, and 990-EZ returns can be electronically filed.

 

Amending Form 1120

Form 1120-X is produced when amending Form 1120. At the beginning of the process of creating Form 1120-X, you will see the message: "Changes MUST be made thru the 1120 Program". You will change Form 1120, rather than only complete Form 1120-X, for several reasons:

  • Form 1120-X is only a summary of the changes made to the 1120, so changes made only in the 1120-X menus do not reflect backwards to the 1120.
  • Making changes to the Form1120 allows the software to do the calculating, rather than you having to do the calculations manually.
  • The amended 1120 return becomes the new original return for potential future amended returns.
  • The amended 1120 return provides the basis for information pulled into next year's return.

From the Main Menu of the Tax Return (Form 1120):

  • Select Miscellaneous
  • 1120X - Amended Return
  • Form 1120X Menu
  • Select the year being amended, and select OK
  • Select Original Column, then OK
  • Select Questions and answer any that need answering as appropriate
  • Select Part II- Explanation of Changes - Enter a description of the changes that you are making to the original return
  • Select Exit, then Exit again, returning you to the Miscellaneous menu

At this point, make any necessary changes to the return. Once you have finished changing the return:

  • Select Miscellaneous
  • 1120X - Amended Return
  • Form 1120X Menu
  • Select the year being amended, and select OK
  • Select Corrected Column, then OK
  • Exit back to Form 1120X Menu
  • View/Print Form 1120X - This should open a copy of the return in PDF form for you to both print and save.

After having completed Form 1120-X, if you later need to return to the 1120-X menu but don't want to make any changes, when you arrive at the window headed "Select Column to Pull Current Data", select Do Not Pull Data. This will leave your previous work as it is.

Note: Form 1120-X cannot be e-filed. (This is an IRS limitation.) File this form on paper with the applicable IRS Service Center where the corporation filed its original return.