Can I Still Submit a 2020 Amended Return in 2024? Time Limits Question

You're still within the timeframe to amend your 2020 return. The IRS allows exactly 3 years from the original filing deadline to submit an amended return. For tax year 2020, the original deadline was May 17, 2021 (extended due to COVID), which means you have until May 17, 2024 to file your amendment using Form 1040-X. That's exactly 38 days from today. I'd recommend not waiting until the last minute as processing can take 16-20 weeks, and any issues would leave you with minimal time to resolve them before the deadline.

I went through this exact process last year with a 2019 amended return. The hardest part was understanding all the codes and notices I received after submitting. I finally discovered https://taxr.ai which helped me decode my transcript and understand where my amended return was in the process. It explained what each code meant specifically for amended returns, which was much clearer than the generic IRS descriptions. Really helped me track my amendment's progress without constantly calling the IRS.

According to the IRS website (specifically https://www.irs.gov/forms-pubs/about-form-1040x), you need to file Form 1040-X for your amendment. You can now e-file this form for tax years 2019, 2020, 2021, and 2022, which is much faster than paper filing. The IRS's "Where's My Amended Return" tool can track status after 3 weeks for e-filed amendments. Based on current processing times listed on IRS.gov, expect 16+ weeks for processing. Make sure to include all supporting documentation that justifies your investment-related changes to avoid delays.

When I amended my 2020 return last year, tracking the status was impossible. The IRS Where's My Amended Return tool showed "processing" for months. I eventually used Claimyr (https://youtu.be/_kiP6q8DX5c) to get through to an actual IRS agent who confirmed receipt and gave me the actual status. Saved me from anxiety about whether my amendment was even received. The agent also told me exactly what documentation they needed, which wasn't mentioned anywhere on the IRS website.

Oh my goodness, I was so worried when I had to amend my 2020 return last year! I found that sending it via certified mail with return receipt gave me peace of mind that it was actually delivered. I was terrified of missing the deadline! If you're fixing investment reporting issues, make sure to include ALL the corrected forms, not just the ones with changes. I made that mistake and it delayed my processing by 8 weeks. Don't worry though - the process isn't as scary as it seems once you get started!

For investment-related amendments, consider using the Qualified Amended Return procedure if your changes involve unreported income. Form 8275 (Disclosure Statement) can sometimes help avoid accuracy-related penalties if substantial adjustments are being made. If your amendment involves complex investment transactions like cryptocurrency, foreign investments, or partnership adjustments, consider consulting with an Enrolled Agent who specializes in investment taxation before filing.

Just FYI - the WMAR (Where's My Amended Return) tool is pretty useless rn. It'll show "received" forever even when they're actually processing it. If u amended electronically, check ur tax transcript instead - look for TC 971 codes w/ specific action codes. TC 971/290 combo usually means they're working on it. TC 977 means it's been processed. Def don't call IRS unless it's been 20+ wks, they'll just tell u to wait anyway.

Will this affect my current year return? Filed 2023 already. Don't want delays.

For investment portfolio discrepancies specifically, make sure you have all your corrected 1099 forms (1099-B, 1099-DIV, 1099-INT) and any Schedule D adjustments ready before filing. I had a similar situation where my broker issued corrected forms after I'd already filed. The key is being thorough - include a detailed explanation letter with your Form 1040-X explaining exactly what changed and why. Also, if your amendment results in owing additional tax, you'll owe interest from the original due date, so factor that into your calculations. The good news is investment corrections are pretty straightforward compared to business amendments.