My wife files for both of us jointly via Turbo Tax. I had made a business investment in 2016 which had lost $6,000. It was not listed or reported on the 2016 1040. Can I amend the 2016 tax return and get a full or partial tax credit for the $6,000 at this point?
The 2016 tax return can be amended within three years of the original tax filing, including extensions. Check out this PICPA Money & Life Tip that explains the process of amending a tax return.
If the loss you mentioned is deductible, you can request a refund relating to the decrease in taxable income.
For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.
Answered by: Joseph G. Tropiano II, CPA, is with Siana, Carr, O’Connor & Lynam LLP in Paoli, Pa.