Federal 2010: Schedule C and Federal Gulf Opportunity Zone Property

You may be affected if ALL of the following are true:

1. You filed a tax return prior to March 10, 2011 AND
2. You had a Schedule C AND
3. You indicated that your business “acquired business assets after August 27, 2005 that are qualified GO (Gulf Opportunity) Zone property” and that these business assets also qualify as GO Zone Extension property. AND
4. You placed your business assets in service before 1/1/2011 AND
5. You did not indicate that you purchased the asset new AND
6. You did not receive special bonus depreciation for that property on Form 4562, Part II, Line 14.

If you are affected, you may have overpaid your federal tax. You will need to amend your federal tax return and may possibly need to amend your state tax return.

If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2010: Schedule C and Federal Gulf Opportunity Zone Property.

Let us do the work for you. We highly recommend this. 

1. Please download and print this Authorization Form.
2. Complete the form and fax it to us at the number printed at the top of the form.
3. A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
4. You can print, sign and mail the corrected return to the IRS.

Or you can make the corrections yourself. However, the amend process can be complex. 

• To do it yourself, please follow these step-by-step instructions.
  • Amending your federal return
  • Amending your state return
• After you make the changes to your tax return, you will need to mail a copy of 
  • Your federal return to the IRS and
  • Your state return to your state tax authority, if your state return is affected
• Your printed returns will include instructions on how and where to mail them.
• If you need assistance, call us at the phone number in the TurboTax email.