For additional Form 1040X Tutorials:
Form 1040X for Child Tax Credit:    • IRS Form 1040X  |  How to File Amend...  
Form 1040X for IRA Contributions:    • IRS Form 1040X  |  How to File Amend...  
Form 1040X for Capital Gains:    • IRS Form 1040X  |  How to File Amend...  
Form 1040X for Foreign Tax Credits:    • IRS Form 1040X  |  How to File Amend...  
Form 1040X for Passive Activity Loss:    • IRS Form 1040X  |  How to File Amend...  
Form 1040X for Change of Filing Status:    • IRS Form 1040X  |  How to File an Am...  

If you filed an incorrect Form 1040 tax return, you may need to amend your tax return by filing a Form 1040X. In this video, I cover a sample fact pattern where a taxpayer failed to include a Schedule C and all related schedules to report his trade or business income.

The Form 1040X changes include adding Schedule C, Schedule SE (Self Employment Taxes), Schedule 1 (Additional Income and Adjustments to Income), Schedule 2 (Additional Taxes), and Form 8995 (Qualified Business Income Deduction).

For more tutorials on various Forms & Schedules, please see below:

Form 6781 Futures:    • How to Complete IRS Form 6781  Simpl...  
Form 8396 Mortgage Credits:    • IRS Form 8396  Mortgage Credit Certi...  
Form 8959 Medicare Taxes:    • How to Complete IRS Form 8959  Addit...  
Form 8960 NIT:    • How to Complete IRS Form 8960  Net I...  
Form 8582 PAL:    • How to Complete IRS Form 8582  Passi...  
Form 1099S Reporting:    • How to Report Form 1099S on Form 104...  
Form 4684:    • IRS Form 4684  How to Deduct Propert...  
Form 8880 Retirement Contributions:    • How to Complete IRS Form 8880  Credi...  
Form 8889:    • How to Complete IRS Form 8889 for Hea...  
Form 8949 for QOF:    • IRS Form 8949 Reporting for Qualified...  
Gambling Winnings:    • Form 1040 Gambling Winnings and Losses  

Amended tax returns can be complex, as it can trigger IRS penalties, interest, or even an audit. You should consult with a tax advisor to discuss your options before filing an amended tax return.

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended, and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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