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What You Need to Know When Filing a Tax Return Amendment

If you have made an error on your tax return, or if you forgot to assert a deduction or credit on your original form, there is no need to worry.

To correct these mistakes, locate the IRS Form 1040X: The Amended U.S. Singular Income Tax Return. If you need to complete one of these forms, stick to the tips listed below.

1. Don’t Record Another Total Expense Form to Make a Redress

The first thing that comes to mind when you realize that you forgot to include a deduction or credit is to send a second expense form and hope the IRS disregards the old one. This is simply not the case. While you are permitted to make changes after submitting your wage assessment form for the year, you cannot start another one.

2. Use IRS Form 1040X to Change Your Return

Instead of sending a new assessment form, use the Amended U.S. Singular Income Tax Return Form 1040X. At this point, it is necessary to include modified versions of any forms or schedules that you initially submitted. Only include forms that have been revised as a result of your changes; do not include duplicates of forms that remain unchanged.

3. You Can’t Do It Online

Unfortunately, e-filing is not available for amended returns. Instead, you must print and mail in your Form 1040X with any changed forms and schedules. If you received the Form 1099 after initially filing, include it with your 1040X submission.

4. You Might Have to Record Amended Returns for a Year or More

It’s important to note that after mailing in your 1040X, it could take up to 3 weeks before you can check its status online at the IRS website.

5. Often, Changing One Year’s Return Will Change Another Year

For example, credits can be moved forward or backward to a different year. If the credit that you have guaranteed for 1 year changes, then you might have to change another year too. Filing an amended state return might be required if you are revising a government return.

This is important because most often a state return starts with information pulled form your government return. Changing the government return could create the need for alterations on your state return. Contact your state branch of income or an assessment agency to determine your next steps.

6. You Only Have a Small Amount of Time to Alter

Generally, you have two years from the date of the paid expense to file the Form 1040X for an amendment. If you must revise more than one form, you have to complete a separate 1040X for each discrepancy.

7. Not All Amended Returns Are Necessary

There are circumstances where you are not required to file an amended return, even if you find a discrepancy in your receipts. It comes down to whether the discrepancy changes the amount of duty you owe, not simply correcting the return.

A common case for being unable to record an amended return is when the IRS took it upon themselves to fix the original return for you. Sometimes, they identify mistakes and send you a letter detailing the changes to be made. After you consent to their changes, you’re good to go! One key piece of information to always make the effort to change is social security numbers. If you notice an inaccuracy, make the IRS aware as soon as possible.

Get a Free Tax Consultation

If you need expert guidance when it comes to filling out a tax return amendment, Colonial Tax Consultants can walk you through the entire process and make it as painless as possible. We have incredibly knowledgeable consultants on staff, and we make sure that you are with us every step of the way. Contact us today for a FREE tax consultation!

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