Filing an Amended Tax Return
What happens if you realize that you have made an error after you file your taxes? While it will certainly cause you some worry, there is absolutely no reason to panic. If you have filed an annual return (either electronically or by mail), once you push submit or drop it in the mailbox, it cannot generally be changed. But never fear…if you realize that you have made a mistake and need to correct a piece of information on a return that has already been submitted, you can file an amended return (using Form 1040X) after the fact. The IRS understands that mistakes are part of the process, so relax and don’t spend too much time worrying!
The 1040X will ask you to include any/all corrected information, and to give a brief description of why you are changing your original return. You should be sure to include any new documentation that accounts for the change or difference. If you owe money as a result of the amended information, you should include the payment along with your packet of information. Fortunately, you do not need to re-submit the information that is still correct – you only need to note what is wrong or missing and the implication (positive or negative) to your tax liability.
There are many reasons why you might need to file an amended tax return. Some common reasons include:
- Income discrepancy: If you receive an additional 1099 or W2 after you have submitted your return indicating your income does not match your current return, you should always file an amended return
- Claiming or removing dependents
- Reporting correct filing status
- Claiming additional tax credits or removing them if you learn they are not applicable
- Changing your personal exemptions
There are also several important things to note about filing an amended return. For example, you should plan to submit an amended return within 3 years of the original filing date and you must mail it to the IRS (they do not yet accept electronic amended returns). It generally takes 2-3 months for the IRS to process your amended return so keep that in mind if you are planning to follow up. You may also need to submit an amended return to your state – you should use the 1040X as a starting point and include that form with any additional state form(s) that are required.
Get Support If You Need It
If you are struggling with the process of submitting an amended return and have questions about the Form 1040X or how to explain your mistake to the IRS, consider partnering with a tax firm that has experience working with the IRS. Success Tax Relief specializes in direct and efficient communication with the IRS and can help you compile your amended return packet to submit. We can review the return you submitted originally, review your new documents and make sure that you include all necessary information. This can be a stressful process and we can help alleviate this stress and get your amended return submitted to the IRS so you can move on! Contact us today!