TurboTax won't always let you e-file a 1040-X even if it's just Schedule D changes. It depends on the specific situation and tax year. I tried to e-file an amendment for my 2019 taxes (in 2022) and the system forced me to paper file because of some limitation with Schedule D amendments for that specific tax year. But when I did a 2020 amendment with Schedule D changes, it let me e-file with no problem.

I just went through this exact situation last month! Had to amend my 2023 return for some incorrect cost basis reporting on Schedule D. TurboTax handled it perfectly through their amendment workflow. The key thing is to make sure you use TurboTax's "Amend a Return" feature rather than trying to create a new return. It will pull up your original return, let you make the Schedule D corrections, and then generate a proper 1040-X that only includes the changed information. When I e-filed mine, the IRS only received the 1040-X form and the corrected Schedule D - no other unnecessary forms. The whole process took about 10 weeks to get processed, which seems pretty standard based on what others have mentioned here. One heads up though - TurboTax will charge you an additional fee for the amendment (I think it was around $40-50), but honestly it was worth it for the peace of mind knowing everything was filed correctly electronically.

Something no one's mentioned yet - as a full-time student with self-employment income, you might qualify for the American Opportunity Tax Credit or Lifetime Learning Credit. These education credits can significantly reduce your tax bill!

As someone who's been tutoring for a few years now, I can confirm everything others have said about this being self-employment income. One thing I wish I'd known earlier - keep a simple spreadsheet tracking each tutoring session with date, student name (or initials for privacy), hours worked, and amount paid. This makes tax filing SO much easier. Also, since you're making good money from tutoring, consider setting aside about 25-30% of each payment in a separate savings account for taxes. Between federal income tax and self-employment tax, you'll owe a decent chunk. Having it already saved prevents the shock at tax time! The Roth IRA opportunity is huge - definitely take advantage of that. Starting retirement savings in college puts you way ahead of most people. You can contribute for 2023 until the tax filing deadline (usually April 15th), so you still have time to make that contribution if you want.

I feel your pain on this fiscal year deadline confusion! I went through the exact same thing with my small manufacturing business a couple years ago. The September 15th deadline for June 30 fiscal year corporations is one of those weird exceptions that catches so many people off guard. Since you're already past the September 15, 2024 deadline for your first year, here's what I'd recommend based on my experience: 1. File immediately - don't wait another day. The failure-to-file penalty is 5% of unpaid tax per month and stops growing once you file, even if you still owe money. 2. Include a reasonable cause letter with your return explaining the confusion about fiscal year deadlines. I did this and the IRS accepted it as reasonable cause for a first-time filer. 3. Look into First-Time Penalty Abatement if you have a clean compliance history. You can request this after filing by calling the IRS or including a letter with your return. 4. For next year, set up proper reminders for your September 15 deadline, and consider filing Form 7004 for an automatic extension to March 15 if you need more time. The good news is that this type of deadline confusion is actually pretty common for new corporations with fiscal years, and the IRS recognizes it as reasonable cause. Don't let the stress paralyze you - just get that return filed ASAP and deal with any penalties after the fact. You've got options to reduce or eliminate them.

I can totally relate to this fiscal year confusion! As someone who's helped many small business owners navigate these deadlines, the June 30 fiscal year exception trips up almost everyone initially. Since you missed the September 15, 2024 deadline, here's my recommended action plan: **Immediate Steps:** 1. File your Form 1120 THIS WEEK - seriously, don't wait another day 2. Include a reasonable cause statement explaining the fiscal year deadline confusion 3. Pay any taxes owed to minimize failure-to-pay penalties **Penalty Relief Options:** - First-Time Penalty Abatement (if you have clean compliance history) - Reasonable cause relief for the deadline confusion - The IRS is generally understanding about fiscal year filing confusion for new corporations **Going Forward:** - Mark September 15 in your calendar for future years - Consider filing Form 7004 next year for automatic extension to March 15 - Set up quarterly estimated payment reminders (Oct 15, Dec 15, Mar 15, Jun 15) The failure-to-file penalty (5% per month) is way steeper than failure-to-pay (0.5% per month), so getting that return filed immediately should be your top priority. Once filed, you can work on penalty abatement. Don't beat yourself up over this - the fiscal year deadline rules are genuinely confusing, and you're definitely not the first business owner to get caught by this!

Has anyone considered that this might actually be intentional by the IRS? By sending refunds instead of applying them as requested, they create situations where people either have to scramble to make estimated payments or potentially face penalties later. Just saying...

I went through this exact same situation last year and it was incredibly frustrating! The IRS processed my return incorrectly despite me clearly marking the box to apply my overpayment to estimated taxes. Here's what I learned: Don't cash the check yet. Call the IRS directly (yes, the wait times are awful, but it's worth it) and explain that they sent you a refund check when you specifically requested the overpayment be applied to your 2024 estimated taxes. Have your Social Security number and the exact amount ready. When I called, the representative was able to see my original election on the return and confirmed it was their processing error. They had me write "VOID" across the check and mail it back with a letter explaining the situation. About 6 weeks later, I received confirmation that the amount had been properly applied to my estimated tax account. The key thing is that they noted in my file that this was their error, so there were no penalties for the "late" estimated payment. Keep detailed records of everything - your original return, the refund check, any correspondence with the IRS, and notes from phone calls including dates and representative names if possible. It's definitely their mistake, not yours, so don't let them try to penalize you for it later!

This thread has been incredibly helpful! I'm dealing with a similar situation where my W-2C changed a Box 12 code from D to W, but I also noticed the amounts don't quite match what I thought I was contributing throughout the year. Based on what everyone's shared here, it sounds like I should definitely contact HR first to understand exactly what happened with my contributions before filing. The last thing I want is to file correctly according to the W-2C but then discover there's still an underlying issue with where my money actually went. Has anyone else had experience where the W-2C was correct for tax filing purposes but there were still account corrections needed on the employer's end? I'm worried I might have money sitting in the wrong account type even though the tax reporting is now fixed.

I just want to emphasize how important it is to keep copies of both your original W-2 AND the W-2C for your records, even though you'll only use the corrected information when filing. The IRS recommends keeping both documents in case there are ever questions about the corrections made. Also, if you're using tax software, make sure to look for a specific "W-2C" or "corrected W-2" entry option rather than just updating your original W-2 information. Most major tax programs have a dedicated workflow for handling corrections that will ensure everything is processed correctly. One last tip - if the dollar amounts changed significantly like in your case (from $3,650 to $5,270), double-check that this makes sense based on your actual payroll deductions throughout the year. Sometimes W-2C corrections can reveal other payroll errors that need separate attention from your employer.