When and How to File an Amended Tax Return

by | Apr 23, 2014 | Uncategorized

After the rush to get your tax return completed and sent in, you may have realized you made a mistake. You can correct that mistake by filing an amended return. The IRS recently sent out a bulletin with facts and tips on filing amended returns. Here’s what you’ll need to know if you need to file one.  

  • You’ll need to file an amended return if you made any errors in your filing status, income, deductions, or credits.
  • You don’t need to file an amended return if you made math errors, since the IRS will automatically correct those for you. 
  • If you forgot to attach tax forms, such as a W-2, you don’t need to file an amended return. The IRS will send you a request for them, and you can send them in at that time.
  • To file an amended return, you’ll use Form 1040X, Amended U.S. Individual Income Tax Return, and you’ll need to file a paper return. Amended returns can’t be e-filed.
  • If your mistake entitles you to a refund or a larger refund, you have three years from the original return file date to file Form 1040X. Or you can file it within two years of the date you paid your tax, whichever is later. (There are certain exceptions, which you will find on Form 1040X). 
  • If you will be receiving a refund from you original return, and if you expect an additional refund from your amended return, wait until you receive your original refund before filing your amended return. 
  • If you owe tax, go ahead and file an amended return immediately and pay as soon as possible, which will reduce any interest and penalties you might be facing.
  • If you need to amend more than one tax return, you should fill out a 1040X for each year, and mail them in separate envelopes. At the top of each form, make a note of the year you are amending.
  • If you need to use other IRS forms or schedules to make your changes, you should attach them to your Form 1040X.
  • Three weeks after you file your amended return, you can track the status with the IRS’s online tool or by calling 866-464-2050. 

You can also check out the IRS’s FAQs on amended returns at IRS.gov. If you need help filing your amended return, give me a call at (864) 836-3136, and we’ll set up an appointment.