To create and file the amended S corporate return in TaxAct:

1. Ensure that you have a copy of your original return. 
• If you used TaxAct to file the original, you could print a copy of the original return at this time. If you already have a copy, continue below.
• If you used another program, or didn’t print or save your return when you filed, you will need to obtain a copy from the IRS before continuing. 
2. Open the return.
3. Enter the correct information in each part of the return, as applicable. 
• Make a note of each item you are changing and the reason for each change. You will need these notes for the next steps.
4. Choose Filing, then Amend Federal Return.
5. Continue through the informational pages, then on the Amended Federal Return – Complete Worksheet 1120SX screen, check the Amended Federal Return box and click Continue. 
6. Continue the interview process to enter the values from the original return and the explanation of changes for each line that was changed. 
7. On the screen titled Amended Federal Return – Filing Amended Form 1120S select either Paper filing or E-Filing and click Continue. 
8. Complete the filing steps.

Notes

• If the S corporation is amending its federal return, it may also have to amend certain state returns.
• If the income, deductions, credits, or other information provided to any shareholder on Schedule K-1 is incorrect, file an amended Schedule K-1 (Form 1120S) for that shareholder with the amended Form 1120S. Also give a copy of the amended Schedule K-1 to that shareholder. Check the Amended K-1 box at the top of the Schedule K-1 to indicate that it is an amended Schedule K-1.
• See the Instructions for Form 1120-S for details.