How to Amend an Incorrect Tax Return You Already Filed

Caution! Taxes are best handled by professions. True? Yes. but some are not always accurate in their performance and can lead to amended tax return forms. In case the submitted tax return form was incorrect, then prepare to pay additional taxes and interest. A penalty is a must.

The paperwork can be tiring for businesses, therefore with the help of a professional tax preparer, you eliminate the chance of any errors in filing the tax forms.

However, some are not professional enough or have the right expertise either. It’s best to double-check the tax forms before submission.

But what happens if a wrongly filed tax form is submitted to the IRS? It’s time to talk about the tax return form.

What is an Amended Tax Return?

Despite your best efforts, you should not assume that tax return forms are error-free. In case, the IRS finds an error in the form, you can fix it with Form 1040X a.k.a Amended US Individual Tax Return.

So if you need to correct mistakes in the previously filed federal tax return, this form gives you the chance to amend those errors.

Some of the most common mistakes on the tax return forms can include;

• Taxpayer’s filing status
• Number of dependents
• Omissions of credits and deductions
• For election after the deadline
• Change previously adjusted amount by the IRS
• Make a claim for unused or loss credit, etc.

The respective person can get the form from the IRS official website. You need to request the file and then mail it to the IRS servicing center. The taxpayer can ask for an amended tax return form within the 3 years after the date of the original return was sent.

How to File an Amended Tax Return?

The forms consist of the itemized and line-by-line descriptions that allow all possible adjustments required. The taxpayer has the ease to mention the type and amount of amendment. Also, they need to add a brief description of what part is being amended and the reason for it.

The amended tax return does not only include a 1040X but also needs a revised 1040 or 1040-SR form too. Also, they need to attach the schedules even if they were not amended.

The easy part is that taxpayers can also e-file the 1040X form. And since electronic filers get a quicker response than the mail ones, it’s a smart move.

Following are the tips you can follow to avoid any mistakes again.

1. Collecting Documents

Begin by collecting your original tax return and new documents (whichever is needed). For this purpose, you might need a new amended W-2 or 1099 form.

In case you missed the tax deduction or credit claim you will also need a new form like 1098 or Form 1098-T to claim the deductions on credit.

If you previously e-filed your tax return, just print a copy by logging into your account and get a print in PDF format. Or you can always order a copy of the tax transcript. The transcript will cover the primary information like income, deductions, tax payments, and credits.

2. Right Forms

With Form 1040X, you also need forms that will have an impact due to amendment. For instance, if you choose to change itemized deductions, get a copy of Schedule A for the year. If you want to amend additional interest or even dividend income you will need Schedule C and Schedule SE and so on.

If you applied online via TurboTax you can also amend the return on the platform. But keep the version (year) of TurboTax in mind you applied for the tax year.

Even if you didn’t use it, you can prepare the amendment easily, for this purpose you need to enter the information.

3. Fill the 1040X Form

The form consists of 3 columns.

• Column A shows the number on the previous tax return. You will need to use a copy of the tax return to fill it.
• Column B represents the change in amount (increased or decreased) from the original return.
• Column C will represent the corrected amount after adding the latest changes from Column A and Column B.

Remember to provide a reasonable explanation for requesting the amended return tax form.

4. Submission of Form

Having an account on TurboTax allows the taxpayer to follow prescribed instructions generated by the software. To amend an earlier tax return form, you will need Form 1040X and related forms for an amendment like;

• Amended W-2s / 1099 forms.
• Schedules such as Schedule A for itemized deductions and so on
• CP2000 notice in case the IRS requested you to amend an incorrect tax return.

Where to Mail Amended Tax Return Form?

You need to mail the amended incorrect tax return to the provided address as per the given instructions. Since it is a higher tax bill, you will also need an additional tax payment.

Taxpayers can also e-file amended tax returns, so that the person can make electronic payments.

Time Required to get Refund from Amended Tax Return?

Since the taxpayer has two options to file the amended return form, here’s what you need to remember;

• For an amended tax return filed on paper, you will have to wait for at least 8-12 weeks for the amendment process to take place. You can check the status of Where’s My Amended Return on the IRS website. To check the status wait at least 3 weeks after the mail of the return tax form.
• Always seek the professional help of an expert tax prepare to avoid any errors and omissions and have it proofread.