Amended Return
Candlefocus EditorWhen filling out Form 1040-X, you must provide information about the original return you filed, as well as the corrected information. You can find instructions for filing out the form on the IRS website, as well as additional information about the process.
It’s important to know that there is a three-year statute of limitations on issuing tax refund checks, so if you have significantly missed this window, you won’t receive your refund if you file the amended return.
Additionally, filing an amended return means you need to file a new Form 1040, not just Form 1040-X. Form 1040-X only records changes made to the original return, while the new tax return totals up all income and deductions after the changes have been made.
Tax deductions you may want to consider when amending your return are ones you may have missed, such as student loan interest, moving expenses, educator expenses, or certain dental and medical expenses.
If you do not appropriately file an amended return, you could be subject to penalties such as late payments, interest, and underpayment.
It’s important to remember that an amended return is not the same as “fixing” mistakes from the prior year. If you make an error on your tax return, you would likely be best served to fix it in the same tax year as opposed to filing an amended return as it may be quicker and less time consuming.
In conclusion, filing an amended return is an important process for certain taxpayers and can make all the difference when filing taxes. Before you file, make sure to learn about how to properly prepare Form 1040-X and consult a professional to make sure you follow the rules correctly.