Filing and amended tax return is something that is quite common. Filing your taxes can sometimes be a complex process, and mistakes can happen. If you’ve discovered errors or omissions on a previously filed tax return, don’t worry! The Internal Revenue Service (IRS) allows you to correct those mistakes by filing an amended return. In this article, we’ll explain what an amended return is, why you might need to file one.
What is an Amended Return?
An amended return is a form that you submit to the IRS to make changes to a tax return you’ve already filed. It’s called Form 1040X, and it allows you to correct errors, add missing information, or update any other details that were incorrect on your original return.
Reasons for Filing an Amended Return
Correcting Errors. If you made mistakes on your original return, such as entering incorrect income or deductions, you’ll want to file an amended return to fix those errors.
Updating Filing Status: If you initially filed as single, but later got married or had a change in your marital status, you may need to amend your return to reflect the correct filing status.
Reporting Additional Income: If you received a Form W-2 or 1099 after you filed your original return, and it shows income that you didn’t include, you should file an amended return to report that additional income.
Claiming Missed Deductions or Credits: If you missed claiming deductions or credits that you were eligible for on your original return, filing an amended return allows you to include them and potentially lower your tax liability or increase your refund.
More on Filing an Tax Amended Return
Here’s a simplified step-by-step guide to filing an amended return:
Obtain the Correct Forms. You’ll need to get a copy of Form 1040X from the IRS website or by requesting it by mail. You’ll also need a copy of your original tax return that you want to amend.
Fill Out Form 1040X. On the form, you’ll need to provide your personal information, the tax year you’re amending, and explain the changes you’re making. Be clear and concise in describing the corrections you’re making.
Attach Supporting Documents. If your changes involve additional forms, make sure to attach them to your amended return. This will help the IRS understand the changes you’ve made.
Double-Check Everything: Review your amended return carefully to ensure accuracy. Mistakes on the amended return can further complicate matters, so take your time to verify all the information you’ve provided.
Once you’re confident that everything is correct, sign and date the Form 1040X. Make a copy of the amended return for your records. Mail it to the appropriate IRS address as specified in the instructions for Form 1040X.
Track the Progress: It may take some time for the IRS to process your amended return. You can check the status of your amended return using the “Where’s My Amended Return?” tool on the IRS website.
Conclusion
Filing an amended return is a straightforward process that allows you to correct errors. Also, you can make changes to a previously filed tax return. The IRS provides a way to rectify those issues through Form 1040X. By following the simple steps outlined, you can ensure that your amended return is filed accurately and promptly.