How Do I Amend My Tax Return?

It’s happened to the best of us: we filed our taxes and over a month later finally received that 1099 from a side hustle we forgot about. Or you finally got around to filing your taxes long after the deadline passed just to find that you incorrectly entered your salary on your tax return, causing you to significantly over pay your taxes. You need to file what’s called an amended tax return.

Form 1040X is the amended tax return form that you can file up to three years after the date you filed the original tax return if you’re claiming a refund, or two years after you paid the tax (whichever date is later).

The IRS may also automatically correct some mathematical errors for you so you don’t have to file a 1040X. However, it’s in your best interest to send one in yourself after discovering errors and omissions so that you are not penalized or relying on their math instead of yours.

Situations Where You Should Amend Your Return

Aside from missing income and deductions, and changing corrections made by the IRS, there are other reasons you may need to amend your tax return.

A major reason is if you need to correct your filing status. Many people whose divorces didn’t finalize yet often mistakenly put themselves down as Single when the correct status is Married Filing Separately. Single parents also make the mistake of using Single status instead of Head of Household, missing out on significant tax benefits.

You may also be accidentally claiming a dependent wrongfully, or didn’t realize there was someone in your life who is eligible to be your dependent and the need to amend your return will arise.

However, if you forgot to attach forms in your original tax return, you don’t need to file an amended one. The IRS will request these missing forms from you and that’s all you’ll need to send.

Amended Return Processing

You have to file an amended tax return by paper. You can use software to prepare it, but the actual return must be printed and mailed to the IRS. Subsequently, processing an amended tax return takes about 8-12 weeks and this includes the receipt of refunds resulting from an amendment. If you need to amend multiple years’ tax returns, you not only need a separate 1040X for each year but you also need to mail each one in separately.

If you received a refund with your original tax return and are amending your return to get more money refunded, you should wait until you receive the refund to file the amended return. The IRS will send you the additional refund once your amended return has been processed.

State Tax Issues

Amending your federal tax return can result in changes to your state tax return as well, and they may be adverse or favorable. Even if there’s no change, you may still need to file an amended state return as well.

Tax Experts in Richmond, VA

It’s all too easy to make small or major errors when filing your taxes, and sometimes you just get yet another tax form long after you filed and are now faced with the pain of having to do an amended return. Rue & Associates is highly familiar with simple and complex amended tax returns for every reason why you should amend your return, and can take that matter off your hands easily so you can go on with your life long after your original tax return has been filed. Contact us today to speak to one of our friendly and professional tax law experts.