You Filed But Have Since Found a Mistake.
So how do you go about fixing paperwork with the Internal Revenue
Service? First off, if the mistake is something as simple as a miscalculation
or you forgot to attach specific forms, the IRS will correct the math issues
and typically send requests for the missing forms – no need to worry with an
amended return. However, if the mistake is a change in your income, filing
status, a missed deduction or credit, it is worth filing an amendment. You’ll
need to file Form 1040X (Amended U.S. Individual Income Tax Return) on paper,
no e-filing here. Additionally, if any changes you’re making need forms or
schedules attached, make sure you do so.
As far as a timeframe, you have three
years since the date of filing or two
years from paying (whichever is later). But note: if your amended return
claims more refund money, go ahead and cash your original refund check – no
need to wait the average 12 weeks it takes to process your amended return.
However, if your amended return shows you owe, you’ll want to lower fees and
interest by paying those taxes as fast as you can.
You may amend more than one tax return, just prepare a 1040X for each
return and mail them separately. You can then track the status of your amended
tax return(s) with the IRS’s ‘Where’s My Amended Return’ tool. Check the IRS’s site about three weeks after
you’ve mailed your amended return or call 866-464-2050.
If you are uncertain about needing to amend a tax return,
don’t hesitate to contact your local Liberty Tax office. To find one, call 866-871-1040.