If you have to file an amended tax return, chances are good that the tax professional you hired made a mistake. Hiring an experienced and reputable tax professional is very important in ensuring you are not in a position to have to file an amended tax return. An amended tax return is the refilling of a tax return that was filed inaccurately the first time. From the specific forms to how to fill in the proper information on the forms to the only method available to file an amended tax return, it’s not as simple to do as one might think.
However, filing an amended tax return is necessary, especially when the original tax return filed had errors that cause you to owe more taxes than what would be considered fair. While you’re going through the process of filing an amended tax return, you are subject to penalties and interest until the amended tax return is filed appropriately.
While you are legally allowed to file your own amended return, it is not recommended. Filing inaccurate amended returns could cause even more unnecessary headaches that should’ve been avoided in the first place. However, should you decide to do so, here are some things to keep in mind.
Use form 1040X to file an amended return. While many people have made the mistake of filing the amended return on a new 1040, 1040A, or 1040EZ for the specific year, this is not the right way to file an amended return. Be sure to file on a 1040X.
1040X Forms cannot be filed electronically. They must be filed by mail. Be sure to mail the form in such a way that you are able to show proof of delivery and acceptance should you need it later. If you are mailing more than one year’s amended tax return, separate the forms into years and mail in separate envelopes.
Math errors do not necessitate the filing of an amended return. If there are math errors on your originally filed return, the IRS will make the corrections for you. There is no action required on your part.
If you forgot to attach forms that the IRS needs with your return, then contact the IRS by phone or wait until you hear from them in writing. There is no need to file an amended return if your only error was not including necessary documents. Errors such as filing status, income, missed deductions or credits will usually be the only reason you need to file an amended tax return.
Be sure to file your amended return within 3 years. Also, it’s important to include the year of the originally filed return on your amended return. If the amended tax return requires additional documents, be sure to attach them to your 1040X.
Finally, if your amended tax return will yield an additional refund, wait until you receive the refund due to you from the original return before mailing your 1040X. Once you receive the original refund, you can cash the check as usual.
These are some details to consider when filing an amended tax return but depending on your circumstances, there could be more. Contact Tax Champions for help. We are available to help you 24 hours a day, seven days a week. Your initial consultation is free and we’re happy to help you with this important task.
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