Amending a tax return is the process of correcting or modifying an income tax return that you have already filed with the Internal Revenue Service (IRS). You can amend tax return if you discover errors or omissions in your originally filed return. Such as, if you failed to claim deductions or credits you were entitled to, if your filing status or dependents have changed, or if there’s a change in your tax liability. You don’t have to amend if you just made math errors; the IRS will correct those. It is expected that you amend only to report important changes.
How to Amend Tax Return
Gather the necessary forms and information.
You’ll need to obtain Form 1040X (Amended U.S. Individual Income Tax Return) for the year you’re amending. You’ll also need a copy of your original tax return, along with any schedules or forms that need to be corrected.
Complete Form 1040X.
Follow the instructions on Form 1040X carefully. You’ll need to provide your personal information, the year of the tax return you’re amending, and the reasons for the amendment.
Determine the correct tax liability
On Form 1040X, you’ll need to recalculate your correct tax liability for the year you’re amending. This may involve recalculating your income, deductions, credits, or other tax-related items.
Provide explanations and supporting documents.
If you’re claiming additional deductions or credits, or reporting additional income, you’ll need to provide an explanation and supporting documentation. Attach any relevant schedules, forms, or other documents to your amended return.
Calculate the difference.
Determine if you owe additional taxes or if you’re entitled to a refund based on the changes you’ve made. If you owe taxes, you’ll need to include payment with your amended return. If you’re due a refund, the IRS will process it after accepting your amended return.
Sign and submit the Form.
Once you’ve completed Form 1040X, be sure to sign and date it. If you’re filing a joint return, your spouse must also sign the amended return. The IRS allows you to e-file amended tax returns if you filed the original return electronically. But if you originally filed the return you want to amend on paper, then the amended return must also be filed on paper and mailed to the IRS. Be sure to include any supporting documentation and payment (if applicable).
How Long Does It Take to Amend a Tax Return?
You can check the status of your amended return around 3 weeks after you submit it by using the Where’s My Amended Return? tool. It will take up to 20 weeks to process your return. You can also Contact the IRS at the toll-free telephone number 866-464-2050 if it’s been more than 16 weeks since you mailed your amended return, or the Where’s My Amended Return? tool directs you to call.
State tax returns
If you amend your federal return, it may affect your state tax liability, and you may likely need to file an amended tax return with your state as well. Don’t attach your state tax return to your amended return.
Conclusion
Filing an amended return requires the submission of all necessary forms and schedules as if it were the original submission, even if some forms have no adjustments. This is in addition to an attached Form 1040-X. You can electronically file up to three amended returns per tax year.
It is also important to note that there are time limits for amending a tax return. Generally, you have three years from the date you filed your original return or two years from the date you paid your taxes, whichever is later, to file an amended return and claim a refund. If you owe additional taxes, there’s no time limit for filing an amended return.