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Before you begin the process of modifying a personal income tax return, you should first make sure that filing a revised return isn''t time-barred by the statute of limitations. The statute of limitations prohibits you from filing a modification that increases a refund amount beyond three years of the original filing date or two years of the date you actually pay the tax (basically whichever one is later).
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If you filed your 2017 taxes on April 17, 2018, and did not discover a calculation error until April 18, 2021, the statute of limitations prohibits you from soliciting a refund.
The IRS has the option to postpone an amended file only to your destination.
If the original receipt contains mathematical errors that could avert your tax liability, then please provide sufficient time from the original filing date to correct the error. In general, the IRS may detect and correct mathematical errors on tax returns within a reasonable amount of time.
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If additional adjustments are still necessary after receiving notice, the IRS will notify you of the modification.
For a valid tax return amendment, complete the IRS Form 1040-X. The two-page form requires you to update the amounts that differ from what you reported on the first tax return, and you may also write a brief note to the IRS.
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Cependant, if the error relates to information you initially disclosed on a calendar or attachment to the tax return, you must modify that schedule and fix it to the 1040-X.
If you initially underestimated your capital losses because you missed some stock transactions (presumably in an accident), you must prepare a new Schedule D and file it with the 1040-X.
If the amended tax return requires a higher payment of taxes, the IRS encourages taxpayers to modify a tax return when the original does not accurately meld the correct tax, however, you are still liable for interest and penalties.
- Monthly interest will also accrue on the tax you underreported between the original filing date and the date you file the amendment.
- Additionally, the IRS may impose a late-payment penalty that accrues concurrently with interest.
- However, if you can provide a reasonable cause, the IRS has discretionary authority to waive all interest and penalties.
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