10 Tax Tips for Getting a Tax Return Amendred

10 Tax Tips for Getting a Tax Return Amendred ...

You may submit the Form 1040-X to amend a previously filed tax return that used one of these forms:

  • 1040
  • 1040-SR
  • 1040A
  • 1040EZ
  • 1040NR
  • 1040NR-EZ

TurboTax Live experts look out for you. Experts assist you in your journey: get help as you go, or pay your taxes off. OR, you may talk live to tax experts online for unlimited answers and recommendations, and you may have a licensed tax expert do your taxes for you, so you can be confident in your tax return. Enjoy up to an additional $20 off when you get started with TurboTax Live.

You will be able to rectify any errors, including:

  • Filing status
  • Exemptions
  • Income
  • Deductions or credits

If your original application contains math errors or simply does not include any forms, such as a W-2, you do not need to file a 1040-X. The IRS will usually correct and notify you about math errors and will notify you if it''s missing any forms.

If the correction resulted in you owing money, file as soon as possible so you may reduce potential penalties or interest expenses. Although the IRS appreciates when taxpayers submit a revised return to correct a mistake, they may still assess a penalty or charge interest for failing to pay the correct amount when the taxes were originally due.

If the correction is resulting in a tax refund and you haven''t received it yet, please wait to file the amended return until after you''ve received it. Keep an eye on the fact that the original return must be filed within three years after you filed the original return, or within two years after you paid any tax due from that returnwhichever is later.

You''ll need to complete a Form 1040-X:

  • A copy of the original tax return that''''s being amended
  • W-2s
  • Schedules
  • Worksheets
  • Corrected information and calculations
  • Any forms needed to support corrections

TheStreet Recommends

10 Best Growth and Income ETFs for This Year

10 Best Growth-Stock ETFs for This Year

How Home Depot''s stock can increase 15% after earnings are beat

The 1040-X should not be included with the original return.

Note: A 1040-X can be mailed electronically starting in 2020, but only for the tax year 2019 and later. A new tax year will be printed on paper.

Form 1040-X, Part III, teaches you to explain in your own words why you are modifying the return. This explanation should give you a general outline of the corrections you''re making, and may be very brief.

  • You forgot to claim the Child Tax Credit.
  • You received another or corrected, W-2 form.
  • You forgot to deduct a charitable donation.

When you submit your taxes with TurboTax Deluxe, you''ll maximize your deductions and get every tax deduction you qualify for. We''ll analyze over 350 tax deductions and credits to make sure you get the highest refund possible. Start for free and get an additional $10 off TurboTax Deluxe when you file.

If you did not pay the balance as a result of the correction, you should include a check or money order with your 1040-X submission. You may pay the balance you owe online, either via Direct Pay or the Electronic Federal Tax Payment System (EFTPS). If you can''t pay right now, please file the amended return and submit it to an IRS Installment Plan.

Each tax return you are amending requires its own Form 1040-X to be sent in a separate envelope. Either submit the completed form to the appropriate address listed in the Form 1040-X instructions.

The IRS has to process an amended return for 16 weeks. After three weeks, you may also check it on the IRS website, or by calling the automated toll-free number 866-464-2050.

Use the IRS''s new tool Where''s My Amended Return to check on the status of your Formula 1040-X.

Check to see if your state tax form may be altered after receiving the form 1040-X. If so, obtain the appropriate form from your state''s tax agency and use the appropriate information on the federal 1040-X to assist you fill it out. Be sure to include a copy of your 1040-X to your state amended letter.

With TurboTax, you''ll receive simple questions about your life and assist you complete all of the correct tax forms. No matter what your situation, you can be confident your taxes are done correctly.

You may also like: