When and How to File an Amended Tax Return
Filing an amended tax return is necessary sometimes – mistakes happen! Or you may get new information that affects a past tax return, for good or bad. In either case, it’s important to file the right numbers.
Filing an Amended Tax Return: When to Do It
You should be filing an amended tax return if you learn that you made a mistake in:
- Filing Status – changing from single to head of household, for example.
- Income – forgetting to report income or reporting wrong amounts. Maybe you received a form showing income after the filing deadline.
- Deductions or Credits – claiming missed deductions (things like IRA contributions, or additional self-employment expenses) or credits (things like the Earned Income Tax Credit, or Home Energy Credit).
- Dependents – adding or removing a dependent.
You don’t need to file an amended return if you’ve just made a math error. Usually, the IRS will catch the error and fix it when they’re processing your return. As well, if you’ve forgotten to include a form, the IRS will normally send you a request to submit them. You won’t need to re-file the whole return, just the missing forms.
Filing an Amended Tax Return: Timing and Deadlines
If your amended return will require you to pay more tax, you’ll want to file it as soon as possible. That way you’ll minimize any interest charges.
If your amended return will result in a refund, you have a deadline. You must file within three years from the date the original return was filed, or two years from the date that tax was actually paid – whichever is later.
Filing an Amended Tax Return: How to Do It
You need to file Form 1040-X, either electronically or by mail. Be sure to include any supporting documents. If you expect a refund from your amended return, you’ll want to wait until the original return has been processed.
The IRS generally takes eight to 12 weeks to process an amended tax return, though up to 16 weeks is not unusual. To find out where your amended return is in the process, you can check out the IRS tool, Where’s My Amended Return?
Links
Follow this link to get Form 1040-X and instructions on how to file it.
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