Guide to Amending Your Tax Return

At some point in the future, you will inevitably have to deal with some error or mistake you made on your filed tax returns. Because taxes are a complex and laborious process, even a cautious person will probably end up making a mistake here or there. For those that have filed their taxes and come to this realization, do not fret, there is a simple course of action you can follow to remedy these blunders. This tax return mulligan comes courtesy of the 1040X tax form. 

Knowing how to dodge avoidable gaffes, oversights, and common audit traps are one of our four fundamentals of handling small business taxes. To this end, responsible citizens and business owners should have a basic comprehension of the basics of filing on an amended tax return. This involves knowing how to and when to submit this form. Below, we will guide you in the process of amending your tax returns.  

Reasons to Amend a Tax Return

As a general note, you do not always have to file an amendment; not every error is created equal. Math errors, for example, do not require revision since that task falls on the IRS. If you forget to attach a required tax form, the IRS will request that you send one over.

Below you will find some reasons why you would have to make alterations to your tax return and would necessitate an amended return. Reporting any possible mistakes can help protect you from liability or legal issues with the Internal Revenue Service. It is difficult to make your small business great if you are under a constant IRS audit because of preventable errors.  

  • Adding or subtracting dependents
  • Additional withholding 1099 or W2
  • Alterations to deductions either, standard, itemized, or above-the-line 
  • Changing personal exemptions
  • Extra income: 1099, W2 or other statements reporting income
  • Modifications to tax credits such as adding, eliminating, or recalculating credits
  • Reporting the correct filing status

The Amending Process

  1. Download and Use Form

To begin the amending process, you will have to fill it out the Form 1040X. This form has to be physically mailed or submitted and may not be e-filed. This form can be found on IRS.gov/forms. Print it out then thoroughly read through its directives. Follow the instructions therein, which will include the address to which the amended form will be sent. 

2. Fix the Mistakes

Fill out and revise errors such as those in tax credits, deductions, or income. Double check your work, so you do not make even more errors! You’d be surprised how often this completely avoidable gaffe happens. Some taxpayers might receive an additional 1095-A Form as a result of erroneous or half-finished information on the preliminary form.

3. Tracking Your Amended Return

If you are wondering where’s my amended tax return, you can track a return’s status after three weeks with Where’s My Amended Return, a tracking tool. This tool is available in multiple languages and allows you to check on returns going as far back as three years.

4. The Time Limit

You have a three-year window from the date of your original tax filing to file Form 1040X and begin the tax refund claim. This three-year time limit should give you plenty of time to handle these issues. If you find mistakes over a multi-year span, you will have to file an individual form for each year and mail each one in its own envelope. Be sure to clearly note the tax year of the return at the top of the form.


When to File for Revised Refund?

Revised returns can take up to 4 months to process, so if you are due a refund on your earliest form wait to receive it before you decide to file the 1040X form. If you owe more taxes, pay them. The sooner you pay, the better. Doing so will help you prevent the IRS from levying penalties or interest on your account. IRS Direct Pay allows you to use your savings or checking account to pay your taxes directly. If there are other obligatory forms, fasten those to the 1040X document. 

Amending your tax returns is a relatively simple process. Just be sure to follow the instructions, carefully apply the changes, and pay any owed taxes. Rest assured, these problems are typically easy to resolve. 

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