By Bridgett Tipton
Mistakes happen or you may forget information, but that’s why we have Form 1040X! You should only be filing an amended tax return if you need to correct your filing status or to correct income, deductions or credits. If you forgot a schedule, it’s okay, the IRS will send you a request to mail them the form if they need it. Also, don’t worry about filing an amended return if you found out your math was wrong on the original return, the IRS will correct it when processing your return.
Here are a few tips when you need to file an amended return:
CAN THIS BE FILED ELECTRONICALLY?
You can only paper file an amended return. You will use a Form 1040X, Amended U.S. Individual Income Tax Return. You can download and print this form on IRS.gov/forms. You can also find the 1040X instructions here.
If you are using other schedules or IRS forms to make changes be sure to attach them to your Form 1040X, or you will receive a request for these items in the mail.
So you have a 1040X for multiple years? Make sure you mail them in separate envelopes and verify that you have written in the correct year you are amending.
HOW LONG DO YOU HAVE?
If you will be getting a refund, don’t wait too long because you only have three years from the original filing date, or you have two years after the date you paid any taxes due to file Form 1040X, whichever is later. For example the last day for most individuals to file a 2015 claim for a refund is April 15, 2019.
WHAT HAPPENS WHEN YOU’VE ALREADY FILED YOUR 1040 AND ARE GETTING A REFUND, BUT YOU REALIZED THAT YOU NEED TO FILE AN AMENDED RETURN?
Wait until you receive your refund, then you can file a Form 1040X. Keep in mind that it can take up to 4 months for it to process! No worries though, because just like with ‘Where’s My Refund?‘ there is a tool on the IRS website that allows you to track your amended tax return beginning three weeks after you file, Where’s My Amended Return? Not only can it track your current year, but it can also track the previous three years.
WHAT TO DO WHEN YOU FILE AN AMENDED RETURN, BUT OWE ADDITIONAL TAX?
Make a payments as soon as you can to avoid penalties and interest on your amount due. Not only can you send in a check, but to make sure your payment is made as quickly as possible you can make an electronic payment from your Checking or Savings account using IRS Direct Pay.
If you would like more information on filing Form 1040X or would like us to prepare it for you, please contact us.