If you suddenly discover that you have made a mistake on your federal tax return you can still make it right. Your next step is to file an amended tax return but before you do there are several things you need to know about the process. Here are ten facts about amended tax returns you will want to be aware of before filing.
- Use form 1040X Amended U.S. Individual Income Tax Return to correct errors on your tax return. This return must be filed on paper and not e-filed.
- An amended return should be filed if you made an error claiming your filing status income deductions or credits on your original return.
- Amended forms are generally not necessary if you have made a math error. The IRS will automatically make those corrections for you. Also amended returns are not necessary if you forgot to attach tax forms such as a W-2 or a schedule. The IRS will usually send you a request for those.
- From the date of your original tax return was filed you usually have three years to file Form 1040X to claim a refund. You can file this within two years from the date you paid the tax if that date is later. That would mean for most people to file a 2010 claim for a refund the last day to do that would be April 15 2014. See the 1040X instructions for special rules that apply to certain claims.
- If you need to amend more than one tax return prepare the 1040X for each year you need to amend and mail each year in a separate envelope. Note the tax year of the return you are amending at the top of Form 1040X. Check the form’s instructions for where to mail your return.
- If you use any other IRS forms or schedules to make changes make sure to attach them to your Form 1040X.
- If you are due a refund from your original return wait to receive that refund before filing Form 1040X to claim an additional refund. Amended returns take up to 12 weeks to process. You may spend your original refund while you wait for any additional refund.
- If you owe more tax file your Form 1040X and then pay the additional tax as soon as possible. Doing this will reduce any interest and penalties.
- Tracking the status of your amended tax return is possible three weeks after you file with “Where’s My Amended Return?” The IRS has made this tool available on IRS.gov or by phone 866-464-2050. English and Spanish versions are available. Returns can be tracked for the current year and up to three years back.
- When using “Where’s My Amended Return?” you will need to enter your taxpayer ID which is usually your social security number. You will also need to enter a valid date of birth and zip code. If you have filed amended returns for multiple years select each year one by one.
Knowing all of the details that go along with filing an amended return can get tricky. Contact Lindemeyer CPA if you think you may need to file an amended return. We can help you evaluate whether or not a return needs to be filed what forms are necessary to send and then actually help you get the form off to the right place. For more information on how to do this or to get helpful information on filing taxes click here and we will get back with you promptly and set up a time to evaluate your needs. Lindemeyer has the solution for Louisville tax questions and dilemmas.