What happen if you’ve sent in your income tax return and then discover you made a mistake? If you’ve made an error on your tax return after sending it in, you do have the ability to correct it using an amended tax form. For the IRS, this is the Form 1040X (and your locality also has the equivalent form and procedure). Filing an amended income tax return is not a complicated process, but it is an important to know which errors could be corrected with the form and which could not. This article will outline everything you need to know about filing an amended tax return.
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An amended income tax return should be filed if you need to fix your:
An amended tax return is not for fixing any mistakes you have made in your math. When the IRS receives your original tax filing, their computers will search for and document any mistakes you made in calculating your numbers. Specific situations that requires you to file an amendment include:
You will need to use the IRS Form 1040X as well as a new Form 1040 and any other necessary schedules appropriate for your income tax filing. In order to file an amended return, you must mail them as paper documents as it is the only method the IRS currently uses for processing amended paperwork. You can use softwares such as TurboTax or H&R Block to complete the form electronically, but you are still required to print out the forms and mail them in.
It will typically take about 8-12 weeks for the IRS to process your documents but keep in mind during the peak times for the IRS, it can take longer.
Taxpayers have three years to make any adjustments that will produce additional refunds. The IRS imposes a three year statute of limitations for the issuance of refund checks. The date of calculation on the statute of limitations will start from the date your original tax return was filed. If it was filed prior to April 15th, you should start the clock from the April 15th date. In the event you filed through an extension, you have to start the clock running from October 15th per the IRS code.
For those who discover inaccurate or incomplete tax filings after the three year period has expired, you will only be able to seek a refund on overpaid taxes paid during the previous two years. However, if you need to report any additional income and fix deductions that were overstated, you are able to file an amended return at any time. The IRS allows for a three year time period to conduct an audit on taxpayers returns. If there is significant under reporting of income, the IRS may have a longer period of time to conduct the audit.