Can You Amend Your Tax Return After It's Been Filed?

Can You Amend Your Tax Return After It’s Been Filed?

August 10, 2020

We’ve all had that “oh no” moment after sending a crucial document and realizing there’s an error. What if you’ve made a mistake during your income tax return, or get some new information that throws the whole thing off? Can you amend your tax return after filing in Union City, NJ?

What happens if I have already mailed it?

If you’ve already mailed your return or have sent it electronically, that’s it—at this point, you can’t make any changes before the IRS receives it and evaluates it. The only exception is if the IRS automatically rejects it electronically—then you can amend it and file that return.

However, you can still amend your return if you found a big error—but it involves filing another return, called the 1040X. You are not allowed to e-file this return—you have to drop it in the physical mail.

A 1040X allows you to file an amended return while also explaining why you’re doing so, and why you’re changing the information. This can be done within three years of when you filed the return or within two years of paying the tax, whichever may be later.

As for state returns, you need to fill out the amended 1040X form and get the subsequent state form that will help you refile in your state.

Biggest considerations when filing an amended tax return

Generally, if you didn’t include a required form or made a major error, the IRS will let you know. They tend to correct math errors, so don’t worry if you made a mistake in this regard—it will be fixed for you, or you’ll be notified that something else is necessary.

The IRS also suggests that you file an amended return if you’ve changed the “filing status, the number of dependents you claimed or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return.”

If you fill out an amended 1040X form and you owe taxes, it’s smart to pay those taxes as soon as possible to avoid additional penalties and other issues that may come with filing a later or amended tax return.

When your taxes are complicated or you’re otherwise having trouble filing them, it’s smart to work with an experienced accountant. The IRS doesn’t make filing taxes easy, so working with an accountant can ease your experience. This is especially true if you need to file an amended return. Why bother trying to figure out complicated tax laws when experienced tax professionals can help you find the right solution?

Reach out to Kedean’s Generation today to learn more about how we can help you fix or file an amended tax return in Union City, NJ, as well as any other tax and accounting needs you may have. We work with businesses as well as individuals, and have more than three decades of experience in the industry. We look forward to working with you!

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