Mistakes on your tax return can happen, but the good news is that you can correct them by filing an amended return. Whether you’ve discovered an error, omitted information, or received new tax documents after filing, here’s a guide on how to amend your tax return.
When to Amend Your Tax Return
You should consider amending your tax return if you need to:
- Correct Errors: Fix mistakes in income, deductions, credits, or filing status.
- Claim Missed Deductions or Credits: Add deductions or credits you forgot to claim initially.
- Report Additional Income: Include income you omitted from your original return.
- Change Your Filing Status: Update your filing status, such as changing from married filing separately to married filing jointly.
When Not to Amend
You do not need to amend your return for simple mathematical errors or if you forgot to include a required form (such as a W-2). The IRS will usually correct math errors and request missing forms directly.
Filing Form 1040-X
To amend your tax return, you must file IRS Form 1040-X, “Amended U.S. Individual Income Tax Return.” Here are the steps to follow:
- Obtain Form 1040-X
Download Form 1040-X and its instructions from the IRS website. This form is used to correct previously filed Forms 1040, 1040-SR, 1040-NR, 1040-NR-EZ, or 1040-SS/PR.
- Gather Your Documents
Collect all relevant documents, including your original tax return, new or corrected forms (such as W-2s or 1099s), and any supporting documentation for changes you’re making.
- Complete Form 1040-X
Fill out Form 1040-X with the corrected information. The form has three columns:
- Column A: Amounts from your original return.
- Column B: Net change for each item you’re correcting.
- Column C: Correct amounts after changes.
You’ll also need to provide an explanation of each change in Part III of the form.
- Attach Supporting Documents
Include any forms or schedules affected by the changes. For example, if you’re adding additional income, attach the new or corrected W-2 or 1099 form. If you’re claiming a new deduction, include the relevant supporting documents.
- Submit Your Amended Return
Mail your completed Form 1040-X and any attachments to the appropriate IRS address listed in the form’s instructions. As of now, you can also file Form 1040-X electronically for tax years 2019 and later using available tax software.
Deadlines for Amending Your Return
Generally, you must file Form 1040-X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later. If you filed your original return before the due date, it is considered filed on the due date.
State Tax Returns
If you need to amend your federal tax return, you may also need to amend your state tax return. Check with your state tax authority for the specific form and instructions for amending your state return.
Refunds and Payments
If your amendment results in a refund, the IRS will process your refund after reviewing your amended return. If you owe additional taxes, pay the amount due as soon as possible to minimize interest and penalties. Use IRS Direct Pay or include a check or money order with your amended return.
Track Your Amended Return
You can track the status of your amended return using the IRS “Where’s My Amended Return?” online tool. Processing can take up to 16 weeks, so be patient and regularly check the status for updates.
Consult a Tax Professional
Filing an amended return can be complex, especially if you’re making multiple changes or dealing with significant amounts. Consulting with a tax professional can ensure your amended return is accurate and complete, helping you avoid further issues with the IRS.
Conclusion
Amending your tax return is an important step if you discover errors, omissions, or new information after filing. By understanding when to amend, accurately completing Form 1040-X, and submitting it with the necessary documents, you can correct your tax return and ensure compliance with tax laws. Consulting a tax professional can provide additional support and guidance throughout the process.
Need help amending your tax return? Schedule a consultation with us today and let us assist you in correcting your tax return accurately and efficiently.