Some Taxpayers May Need To Amend Their Tax Return
Taxpayers who discover an error after filing may need to amend their tax return. Taxpayers should file an amended return if there’s a change in filing status, income, deductions or credits.
The IRS may correct mathematical or clerical errors on a return. They also may accept returns without certain required forms or schedules. In these instances, there’s no need to file an amended return.
Taxpayers who need to amend should remember these simple tips:
Discuss Your Situation With A Tax Professional
Tax professionals can assist taxpayers to help determine if they should file an amended return to correct an error or make other changes to their original return.
Wait To File For Corrected Refund For Tax Year 2018
Taxpayers who are due refunds from their original 2018 tax return should wait to get it before filing Form 1040X to claim an additional refund. Amended returns may take up to 16 weeks to process.
File On Paper
Taxpayers use Form 1040X, Amended U.S. Individual Income Tax Return, to correct their tax return. Taxpayers can’t file amended returns electronically. Taxpayers will mail Form 1040X to the address listed in the form’s instructions. However, taxpayers filing Form 1040X in response to an IRS notice, should mail it to the address shown on the notice.
Amend To Correct Errors
Taxpayers should file an amended tax return to correct errors or make changes to an original tax return. For example, taxpayers should amend their return to change their filing status. They should also file a 1040X to correct their income, deductions and credits.
Don’t Amend For Math Errors
Taxpayers generally don’t need to file an amended return to correct math errors on their original return. The IRS will automatically correct these.
Don’t Amend For Missing Forms
Taxpayers also don’t need to file an amended return if they forgot to attach tax forms. The IRS will mail a request to the taxpayer for missing forms.
File Within Three-Year Time Limit
Taxpayers usually have three years from the date they filed the original tax return to file Form 1040X to claim a refund. Taxpayers can file it within two years from the date they paid the tax, if that date is later.
Pay Additional Tax As Soon As Possible
Taxpayers who will owe tax should file Form 1040X and pay the tax immediately to avoid potential penalties and interest on the unpaid taxes. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account at no cost.
Track Amended Return
Generally, taxpayers can track the status of their amended tax return three weeks after they file, using ‘Where’s My Amended Return? on IRS.gov.
Need Assistance Amending Your Return?
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Any tax advice herein is based on the facts provided to us and on our interpretation of tax legislation as it reads at the time the advice is provided. Tax law is subject to continual change, at times on a retroactive basis and may result in incremental taxes, interest or penalties. We are not responsible for updating our advice for changes in law or interpretation after the date the advice is provided. Every tax situation is different. We are not responsible for the tax implications to any individual or entity that may act on this advice.