File form 1040X to amend a tax return - WSMV Channel 4
Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those.
File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can’t file amended returns electronically. Mail the Form 1040X to the address listed in the form’s instructions.
Preparing Form 1040X. Many taxpayers find the easiest way to figure the entries for Form 1040X is to make the changes in the margin of the original tax return and then transfer the numbers to their Form 1040X. Taxpayers should be sure to check a box at the top to show the year they are amending. Form 1040X will be the taxpayer’s new tax return, changing the original entries to include new information. Taxpayers should explain what they are changing and why on the second page of Form 1040X in Part III.
Know when to amend. Taxpayers should amend a tax return to correct their filing status, the number of dependents or total income. They should also amend to claim deductions or credits not claimed or to remove deductions and credits they are not entitled to on the original return. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return.
Know when NOT to amend. In some cases, it is not necessary to amend a tax return. Taxpayers should not worry about math errors because the IRS will make the correction. Taxpayers do not need to amend their return if they forgot to include a required form or schedule. The IRS will mail a request to the taxpayer, if needed.
Use separate forms for each tax year. Taxpayers amending tax returns for more than one year will need a separate 1040X for each tax year. Mail each tax year’s Form 1040X in separate envelopes. See "Where to File" in the instructions for Form 1040X for the correct address.
Include other forms or schedules. If a taxpayer makes changes to any form or schedule, they should attach them to the Form 1040X when filing. Not doing so could cause a delay in processing.
Wait to file for corrected refund for tax year 2016. Taxpayers should wait for the refund from their original tax return before filing an amended return. It is okay to cash the refund check from the original return before receiving any additional refund. Amended returns can take up to 16 weeks to process.
Pay additional tax. Taxpayers filing an amended return because they owe more tax should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.
File within three-year time limit. Generally, to claim a refund, taxpayers must file a Form 1040X within three years from the date they timely filed their original tax return or within two years from the date the person pays the tax, whichever is later. For taxpayers who filed their original return early (for example, March 1 for a calendar year return), their return is considered filed on the due date (generally April 15).
Track your amended return. Taxpayers can track the status of an amended return three weeks after filing. Go to “Where9rsquo;s My Amended Return?” or call 866-464-2050.
How to File an Amended Income Tax Return (Form 1040X)
What happen if you’ve sent in your income tax return and then discover you made a mistake? If you’ve made an error on your tax return after sending it in, you do have the ability to correct it using an amended tax form. For the IRS, this is the Form 1040X (and your locality also has the equivalent form and procedure). Filing an amended income tax return is not a complicated process, but it is an important to know which errors could be corrected with the form and which could not. This article will outline everything you need to know about filing an amended tax return.
An amended income tax return should be filed if you need to fix your:
- filing status,
- the amount of income,
- your tax deductions, or
- tax credits.
An amended tax return is not for fixing any mistakes you have made in your math. When the IRS receives your original tax filing, their computers will search for and document any mistakes you made in calculating your numbers. Specific situations that requires you to file an amendment include:
- To claim additional dependents or to remove claimed dependents
- To report an incorrect filing status
- To report additional income from new statements of income (W2 and 1099)
- To report changes with standard deductions, itemized deductions, or above-the-line deductions
- To change the number of personal exemptions
- To claim additional tax credits or removed credits taken in error
- To report additional withholdings from a 1099 or W2
You will need to use the IRS Form 1040X as well as a new Form 1040 and any other necessary schedules appropriate for your income tax filing. In order to file an amended return, you must mail them as paper documents as it is the only method the IRS currently uses for processing amended paperwork. You can use softwares such as TurboTax or H&R Block to complete the form electronically, but you are still required to print out the forms and mail them in.
It will typically take about 8-12 weeks for the IRS to process your documents but keep in mind during the peak times for the IRS, it can take longer.
Taxpayers have three years to make any adjustments that will produce additional refunds. The IRS imposes a three year statute of limitations for the issuance of refund checks. The date of calculation on the statute of limitations will start from the date your original tax return was filed. If it was filed prior to April 15 th , you should start the clock from the April 15 th date. In the event you filed through an extension, you have to start the clock running from October 15 th per the IRS code.
For those who discover inaccurate or incomplete tax filings after the three year period has expired, you will only be able to seek a refund on overpaid taxes paid during the previous two years. However, if you need to report any additional income and fix deductions that were overstated, you are able to file an amended return at any time. The IRS allows for a three year time period to conduct an audit on taxpayers returns. If there is significant under reporting of income, the IRS may have a longer period of time to conduct the audit.