How to Amend a Tax Return

1040xYou 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. 

Posted To: Tax Mommy's Blog By: Stephanie Brenneman On: Tuesday, April 23, 2013
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