What are the benefits of filing an IRS amended return?
Believe it or not, using an rectify return can result in major benefits such as :
- Claiming a tax credit
- Taking a deduction you missed
- Reporting additional income and withholding
In fact, by filing the 1040X form for an amended return, you might :
- Receive an additional refund; or
- Owe additional taxes as a result of the correction.
If you ’ re due a refund, the IRS will send it to you after it accepts your amended return. If you owe tax, send the sum owed to the IRS along with the 1040X tax form. If you owe matter to or a penalty, the IRS will bill you.
What to look for when you file the 1040X form
When you amend a return for a specific reason, it ’ s a good theme to review your integral original return. Look for the follow things you might have missed the beginning time around, like :
- Deductions
- Credits
- Exemptions
- Income
- Withholding
When you do this, you might wind up owing less money or getting more of a refund .
Who can file an amended tax return using Form 1040X?
You can amend your taxes deoxyadenosine monophosphate retentive as your original tax refund was prepared using a 1040 mannequin or 1040SR .
What to include in your amended return
When you file a 1040X tax form, you might wonder what to include in your better return. You ’ ll indigence to attach these items if you need to prove the changes on your amended return key :
- A copy of the federal refund deposit slip
- Any previously unsubmitted W-2 or 1099 forms
- Any other substantiating forms, schedules, or documentation supporting the amended return
To file an amended tax return, you can either e-file or download a newspaper Form 1040X from www.irs.gov. You must mail the paper phase if you choose to paper file. You can besides do so with the avail of H & R Block, with our diverse file options and products.
If I’ve already filed my return for this year, can I amend my tax return to add dependents to my 1040-X? Can I also add a dependent on a prior year?
Yes, you can file an amended return this class. You can add dependents to any of the past three years returns or within two years after the date you paid the tax, whichever is late. If you have an total due that can be reduced you can file subsequently than this date. To add or change the number of your qualifying dependents, you should print and mail an rectify tax render for each affect year to the IRS. You can ’ thymine e-file Form 1040X. If you ’ re filing a 2020 return, it can be filed electronically unless you or your spouse changed your social Security total or your filing status changed .
Due date for filing Form 1040X
To obtain a refund, you normally must file an rectify return by the former of these dates :
- Within three years from the date you filed your original return
- Within two years from the date you paid the tax
If you received an extension, the file date is one of these :
- Actual date you filed your return within the extension period
- Tax deadline if you filed your return after the extension period expired
If you ’ re filing an amend tax restitution due to a bad debt or a worthless security, you have more fourth dimension to file. In this case, you have seven years after your original return key ’ second due date to file the rectify return.
If you ’ re a occupation owner, you can besides file an better tax fall for a class when you carried a net operate loss ( NOL ). You must file the amend return within three years of the ascribable date of the return for the NOL year .
The IRS normally has three years to assess extra taxes. however, longer periods are allowed for significant underreporting of income and fraud .
Needing to file a tax amendment? Get help.
If you ’ ra diffident of whether or not you need to make a tax amendment — even if it ’ randomness on the last sidereal day to file taxes, we can help. Our irregular Look® tax review is exempt. Schedule a time to visit your local anesthetic H & R Block office to put your wondering to rest .
