So you have managed to file your taxes on time, but after reviewing the return, you have discovered an error that is going to require that you amend the return. Here are nine facts that will aid you in filing that amended return.
- You must use the Amended U.S. Individual Income Tax Return, IRS form 1040X to file your amended return.
- An amended return cannot be filed electronically. You must file it by paper. Use the Form 1040X to correct previously filed Forms 1040, 1040A, or 1040EZ.
- Usually, you do not have to file an amended return due to math errors. The IRS will automatically make those corrections for you. If you happen to forget to include tax forms such as W-2’s or schedules. The IRS will usually send you notice requesting those additional forms.
- Usually, you must file the 1040X within three years from the date you originally filed your return or within two years from the date you paid the tax, whichever is later. Make sure that you enter the year of the return that you are amending at the top of the 1040X.
- When you are amending more than one tax return, make sure that you prepare a 1040X for each return and mail them in separate envelopes.
- You must attach any schedule or form that involve changes to the amended return.
- You should wait to file the 1040X in order to claim an additional refund, until you have received your original refund. You may cash that check while you’re waiting for the additional refund.
- If you owe additional 2010 tax, file Form 1040X and pay the tax before the due date to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.
- Your state tax liability may be affected by a change made on your federal return. For information on how to correct your state tax return, contact your state tax agency.