Filing an Amended Tax Return: What You Need to Know
There are many potential reasons that you may find that you need to file an amended tax return. You may determine that you made a mistake on your return, you may get new or additional income information that you need to include, or you may have learned that you qualify for a tax credit that you were not previously aware of.
The IRS allows taxpayers to file amendments to their tax returns to fix these and other similar issues on their taxes. Here is what you need to do about filing an amended return:
You will need to file the form 1040X (Amended Tax Return) to the IRS to make any changes/additions to your return. In addition to the form, you will also need to include any documentation that was not originally included with your tax return. Make sure that you make it very clear what you are amending in the section of the form where you can include an explanation. You do not have to include materials from your original return.
Reference Your Original Return
You may not need to include portions of the original return with your amendment, but you will want to reference your original return to help illustrate the change that you need to make.
The more clear and concise your communication is to the IRS, the better. Make sure that you think through your communication before you submit (and even have someone else read it) to be sure that it can be easily understood. The IRS may still ask questions, but the fewer they have, the better (and less stressful) for you.
Get Help If You Need It
Preparing and submitting an amended tax return can be complex and you want to make sure that you do it correctly so that it does not raise unnecessary red flags with the IRS. You may decide that it is best to partner with a tax firm to be sure that you have completed the process correctly and included all necessary forms and documents with your amended return.
File Your Amendment
Double — and triple check — that you have included all necessary forms and documents before you submit your amended return to the IRS. If the amendment results in you owing the IRS money, you will want to include payment as well. This will help you minimize interest and penalties that you owe later. Keep in mind that it generally takes the IRS 8-12 weeks to process an amended return, so if you want to check the status, you may want to wait until they have had a chance to review it.
Success Tax Relief: Tax Amendment Specialists
Filing an amendment to the IRS can be complicated and even stressful if you are unsure about the steps and what to include. The tax professionals at Success Tax Relief can help you at any point of the process and give you sound, trusted advice about amending your return, filing a return, the audit process or helping you figure out what to do if you cannot pay what you owe. Give us a call at 1-877-825-1179 to schedule a consultation.