How to Amend a Tax Return You've Already Filed

How to Amend a Tax Return You’ve Already Filed

July 16, 2019

If you accidentally made any omissions on your tax return or made mistakes while filling out the paperwork, you still have the ability to go back and make the proper amendments. Here’s some information from an accounting firm in Union City, NJ about how you can do this:

  • Know that you cannot e-file amendments: While the IRS has come a long way technologically with its ability to e-file quickly and easily, you should know that amendments aren’t quite as simple. You’ll need to use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return, and you’ll have to physically mail that form to the IRS. You can find the form on the IRS website, and the instructions on the document will tell you where it needs to be mailed.
  • Know what you can and can’t change: The amendment process is solely for correcting errors or making changes to your original tax return, such as correcting your income, deductions, credits or filing status. You don’t need to file an amended return to correct math errors, as those will automatically be fixed by the IRS. You also don’t need to send in amended returns if you didn’t attach forms like a W-2—the IRS will send you a specific request for any documents you may have forgotten to provide.
  • Use separate forms for each year you’re amending: If you’re preparing amendments for more than one tax return, you need to use separate forms for each of those years, and mail each one in separate envelopes. Be sure to make a note of the year for which you’re filing an amendment at the top of Form 1040X.
  • Time limit: You have three years from the date of your original filing to file your Form 1040X, or two years from the date you paid the tax, if that date was later. But be sure to read all instructions included in the form, just so you don’t miss anything.
  • Form 1095-A errors: In some cases, taxpayers might get another Form 1095-A because they had incomplete or otherwise incorrect information on their initial form. If you filed a tax return based on a Form 1095-A that had errors and claimed a tax credit based on incorrect information, it’s important to determine the effect the changes on your form could potentially have on your return. Take a close look at both of the Forms 1095-A you filed, and if the differences turn out to affect your tax return, then you’ll know you need to prepare a Form 1040X for that year.
  • Refunds: If you’re still owed a tax refund from the original tax return you filed, you should wait to receive it before you use your amended return application to claim an additional refund. Amended returns can take four months or so to process, so rather than delaying your total return, you can at least get some of what you’re owed now while waiting for the rest to be processed with the amendment request.
  • Pay in: The same principle applies to any additional tax you owe. File your form 1040X, but pay off the tax you owe as soon as you can just so you can avoid any potential penalties or interest that might be added.

For more information about filing a Form 1040X to amend your taxes, or to schedule an appointment with an accounting firm in Union City, NJ to discuss your tax situation, reach out to Kedean’s Generation today.

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