Nine Facts on filing an Amended Return
Nine Facts on filing an Amended Return
The Amended U.S. Individual Tax Return, commonly known by its number (Form 1040X), is used to make corrections to your personal income tax returns that have been previously filed. Form 1040X allows you to file again to correct your filing status, your income or to add deductions or credits you may have missed.
Generally for a tax refund, Form 1040X must be filed within 3 years after the date that the original version was filed, or within 2 years after the date that the tax was paid, whichever is later. For an amended return based on a bad debt or worthless security, it must be filed within 7 years after the due date of the original version. If Form 1040X is filed before the original due date of the return that is being amended, the return is considered to be filed "on time".
Here are nine points you should be aware of when amending your federal income tax return.
- Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return.
- Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. An amended return cannot be filed electronically, thus you must file it by paper.
- Generally, you do not need to file an amended return due to math errors. The IRS will automatically make that correction. Also, do not file an amended return because you forgot to attach tax forms such as W-2s or schedules. The IRS normally will send a request asking for those.
- Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X 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 are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list the addresses for the campuses.
- If the changes involve another schedule or form, you must attach that schedule or form to the amended return.
- If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.
- If you owe additional tax, file Form 1040X and pay the as soon as possible to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.
Additionally, your state tax liability may be affected by changes made to your federal income tax return. If you are not familiar or have questions regarding the filing of an amended return, contact a Certified Public Accountant for assistance.
