When would I need to use IRS Form 1040X when filing my tax return?

What is the IRS 1040X Form?

What is the IRS 1040X Form?

If you ever discover an error on a tax return, or realize you qualify for deductions or credits you didn't take, or forgot to include some income, you may be able to amend your return by filing a Form 1040X.

What is the IRS 1040X Form?

When you prepare the 1040X, it's not necessary to complete a brand new tax return. Form 1040X only requires that you update the numbers that will change.

When you can file As long as your original tax return was prepared using Forms 1040, 1040A, 1040EZ, 1040EZ-T, 1040NR or 1040NR-EZ, then you can amend it using Form 1040X.

When you can file If your changes affect more than one tax return, you must file a separate Form 1040X for each tax year.

Since it may be necessary to prepare additional forms or schedules, be sure you use the ones required for the tax year you are changing.

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IRS 1040X Form

How you can benefit When you use Form 1040X to claim additional deductions or credits or to correct an error that reduces the amount of tax you owe for that year, the Form 1040X serves as your formal claim for a refund.

How you can benefit Additionally, many small business owners can use the form to carry back net operating losses that occur in one of the subsequent two tax years.

How you can benefit The IRS notes that it takes approximately eight to twelve weeks to process amendments, so be on the lookout for your refund after this time.

Information you need The most helpful document you need when preparing Form 1040X is a copy of the original tax return you’re amending. You can transfer some of the original information onto the amended tax return such as Social Security numbers, your filing status and gross income

Information you need You also need any documentation that relates to your changes. This can be a number of items such as proof of payment for a new deduction you are claiming or an additional W-2 for additional income you need to report.

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