If you discover an error or omission on a tax return you’ve already filed, you can fix the mistake by filing an amended tax return. The IRS recently issued ten facts taxpayers should know about amending a return. Here’s a quick summary.
-
Use Form 1040X (Amended U.S. Individual Income Tax Return). Amended returns cannot be e-filed; you must file on paper.
-
Consider filing an amended return if your filing status, income, deductions, or credits must be changed.
-
Generally, no amended return is needed to correct math errors; the IRS will automatically make these changes for you.
-
You have three years from the original filing to amend a return.
-
When amending more than one return, mail each in a separate envelope.
-
Attach necessary schedules to Form 1040X.
-
Amended returns take up to 12 weeks to process.
-
If you owe additional taxes with Form 1040X, pay as soon as possible to minimize interest and penalties.
-
You can track the status of your amended return three weeks after filing, using the “Where’s My Amended Return?” under TOOLS on www.irs.gov.
-
In tracking your amended return, you’ll be asked to provide your social security or other ID number, date of birth, and zip code.
The post IRS Publishes Ten Facts On Amending A Tax Return appeared first on Thaney & Associates.
