Need to File an Amended Tax Return

Is there a mistake on your tax return? Do you know what to do about it? Actually, everyone makes mistakes, and there is a way to fix errors on your tax filings. Today we’re going to talk about filing Amended Tax Returns… how to file and when you should file.

Is it Hard to File an Amended Tax Return?

Filing an amended tax return is not difficult, but knowing as much as you can about the process before you start is essential. If you have done your filing on your own or with the help of tax software, you may need to do some research and find out what errors can highlight the need to submit an amended return.

Do the IRS Correct Errors Automatically?

Specific errors, like simple math errors, or missing documents, don’t mean you have to file an amended return. But if you’ve made a clerical error, don’t file an amended return… wait for the IRS to contact you and let you know what additional information they need. The IRS will correct these simple errors and send you a copy of the adjustments they make, along with a refund for any overage that occurred.

When Should I Prepare and Send an Amended Return?

Specific errors necessitate sending in an amended return to the IRS. Take a look at the following list and see if any of these apply to you. Consider whether making the change would affect your:

  • Filing Status
  • Deductions
  • Income
  • Credits

If any of these aspects of your return are affected, you should consider filing an amended return.

What Form Do I Use to File an Amended Tax Return?

In most cases, you will use the IRS Form 1040X. Occasionally, you will need to use Form 1045 or Form 843. If you are unsure which form is required, consult with a tax professional or accountant to make sure you use the right form. The 1040X must be mailed to the IRS, and cannot be filed digitally. If you have corrections for multiple years, use a separate form for each year, and send them individually.

How Long Do I Have to File an Amended Tax Return?

In general, you have three years from the tax deadline to file your amended return. Specific changes to your tax return may have particular filing due dates for amended tax returns, but your accountant can help you with these special filing rules.

Do You Need Help Filing Your Amended Tax Return?

At JStevens Accounting, we can review our clients’ past tax returns and look for any additional adjustments that might have been missed. We can help with filing your amended tax return as part of the care we give our customers… not just at tax time, but throughout the year. Why not contact us today, and make an appointment to come in for a consultation?