10 Tips for Filing an Amended Return Did you make an mistake on your tax return? You may need to file an amended return. Here are some tips that can help!
The Special Tax Form to Amend Your Return Use Form 1040X, Amended Individual Income Tax Return, to correct mistakes on your tax return. You must file a paper Form 1040X; e-filling is not available. You can find the form on IRS.gov/forms.
Amend to Correct Mistakes You should file an amended tax return if you need to correct a major mistake or alter your original tax return. For example, you should amend to change your filing status, or to correct your income, deductions or credits.
Don’t Amend for Calculation Errors or Missing Forms Generally, you don’t need to file an amended return to correct calculation errors. The IRS will automatically correct those for you. Also, do not file an amended return if you forgot to attach tax forms. Most of the time, the IRS will mail you a request if they need them.
Most Taxpayers Don’t Need to Amend to Correct Form 1095-A Taxpayers who inadvertently used an incorrect 1095-A to report health insurance purchased through the Marketplace for 2014 do not necessarily need to file an amended return. However they may benefit from doing so if filing an amended return with the correct information decreases the amount of taxes owed.
Time limit to claim a refund To claim a refund, you must file the amended return within 3 years of filing the original return.
Separate Forms for Each Year If you are amending more than one tax return, prepare a 1040X for each year. Be sure to write down the tax year of the return you are amending at the top of the form. You should mail each year separately. You will find an address to mail the forms to in the instructions for Form 1040X which are available on IRS.gov.
Attach Other Forms with Revisions If other IRS forms or schedules are used to make revisions, make sure to attach them to Form 1040X.
When to File for an Additional Refund If a refund is due from your original return, wait to get that refund before filing an 1040X to claim an additional refund. Amended returns can take up to 16 weeks to process. You may use your original refund while you wait for any additional one.
Pay Added Tax as Early as Possible If you owe more taxes, file your Form 1040X and pay the tax as soon as possible. This will prevent interest and penalties from accruing. You may use IRS Direct Pay to pay your tax from your bank account.
Track your Amended Return You can track the status of your amended return three weeks after you file with ‘Where’s My Amended Return?’ on IRS.gov. You will need your taxpayer id number (typically your SSN), your date of birth and your zip code.
To Learn More Visit www.taxdefensenetwork.com
Or call (800) 691-5390
Works Cited: U.S. Department of the Treasury, Internal Revenue. Tips for Filing an Amended Return. IRS Tax Tip 2015-64. Washington: GPO, 2015.