How to File an Amended Tax Return and Why Should You File it?

How to File an Amended Tax Return and Why Should You File it

An amended return can be understood as a form that is filed for the purpose of making corrections to the previous year’s tax return. By filing such a return, you can make amendments to the errors. In addition, you can also get a beneficial tax status like a refund. The amended tax return should be correctly filed without making any errors. To do so, the exact procedure for how to file an amended tax return has been introduced in this post. We’ll highly recommend you to read it. In addition, you can also browse through the information with respect to electronically submitting the return, the penalties involved in filing it, etc.

Reasons to File an Amended Tax Return

The amended tax returned should be filed when the filing status, the dependents’ number claimed, or the total income needs to be corrected.
In case you wish to claim the tax credits or deductions which weren’t claimed at the time of filing the original return, the amended tax return can help you with it.

In addition, you can prefer reading the instructions presented in the 1040X Form for knowing the other reasons to file it.

How to File an Amended Tax Return?

When the need for filing an amended tax return arises, the IRS Form 1040X will have to be filled in. Once it has been filled in by you, it can be submitted to the government. Any documents needed along with the form can also be sent. For knowing the in-depth procedure to file an amended tax return, please read ahead.

File an Amended Tax Return
  1. First, get the tax return for the previous year which is needed to be amended. Also, gather the supporting documents that are required. The original return can be referenced when the amended version is being filed. You may be required to get certain new documents, like the W-2 Form, associated with the amendment which wasn’t accessed during the first time.
  2. Now, for the sections to which the changes will be made, submitting new forms will be required in place of the submission of a completely new tax return. Followed by this, you can get the tax forms downloaded by visiting the website of the IRS. These forms should relate to the changes you have made.
  3. Now, go to the official website of the IRS to download the 1040X Form. In addition, you can also get the guidelines for filling the form. In case you wish to add any explanation as to why the amended tax return is being filled, you can do so.
  4. The 1040X form usually comprises 3 columns that have to be filled in. In “Column A”, the amounts that are relating to your income as well as to the taxes withheld from the original return have to be stated. In “Column B”, the net changes to the income will have to be mentioned. Also, the net changes to the taxes between the amended and original filings will have to be included here. In “Column C”, the amount for your taxes and income from the amended filing have to be correctly mentioned.
  5. In the fourth step, the amended return has to be reviewed for ensuring that every required piece of information has been stated by you. Also, see to it that the information has no flaws. Ensure that the forms included are correct and the supporting documents for the amendment have been provided by you.
  6. Once the above-mentioned steps have been performed, the amended return and the supporting documents can be mailed to the IRS. In case the amended tax return results in owing a bigger sum to the government, you will have to add the payment along with the return. Doing so will reduce the penalties as well as the interest payments. In a duration of 8 – 12 weeks, the amended return will be reviewed and processed by the IRS.

How Long Do You have to File an Amended Tax Return?

Starting from the day on which the original return was filed by you for amending the return with help of the 1040X Form, you get 3 years for claiming the tax refund. It can also be filed in a duration of 2 years from the date on which the tax was paid in case that is later. Due to certain special rules, the 1040X Form amendment can be submitted after the deadline of three years. Should you like to know them, you can go through the instructions of the 1040X Form.

How Do You File an Amended Tax Return without Any Penalties?

Certain readers may be questioning how to file an amended tax return for 2019, 2018, 2017, 2016, or 2012 without getting involved in paying any penalties or charges. The readers will be relieved to know that no penalties are involved while a return is amended. Thus, if any errors have been made by you while filing the original return, you can submit the amended return without having to worry about the penalty. However, penalties for late payment may be charged in the case of an outstanding amount. For knowing more about these charges, you can glance at the instructions of the IRS.

Submitting an Amended Tax Return Electronically

The amended tax return can be electronically submitted for 2019 as well as the 2020 tax year. Also, remember that for submitting it using this way, an electronically filed original return for the respective year 2019/2020 should exist. On the off chance that the original return for the same year was submitted by paper, then the amended return will have to be filed by paper only. In addition, if the Primary Social Security Number, Spouse’s Social Security Number and Filing Status aren’t the same, then too the amended return cannot be electronically done.

If you’re looking for how to file an amended tax return for 2012, 2016, 2017 or 2018 electronically, you’ll have to do that by paper, as of now.

To End Things off

When an original tax return has been submitted by you, errors may be made in it. In case these errors are caught by the IRS, your return will get rejected. For this reason, you can consider submitting an amended tax return so that the errors can get rectified. Helping you to submit it, we defined an easy procedure above. We also provided you with related pieces of information to understand more about an amended tax return. In case you found this post helpful, you can share your feedback with us. We will be glad to read it!

Frequently Asked Questions

Certain common questions that are often asked by the readers with respect to filing an amended tax return have been enlisted here. You can read them in case you wish to know any additional information.

Q. How to file an amended tax return for 2019 electronically?

Ans. In case an amended tax return has to be submitted for the tax year 2019, you can do so electronically. For this purpose, you can make use of tax software available online. You will have to search the web for finding a suitable one.

Q. How should an Amended Tax Return be Mailed?

Ans. In order to mail your amended tax return, you can go to the 18th page of the instructions guide of 1040X. The mailing address will correspond to the amended form as well as your state.

Q. What is the refund timeline for an amended tax return?

Ans. According to the IRS, an amended tax return is processed in a duration of 8 – 12 weeks from the date of mailing it. In the instance of any identity fraud, the process may take up to 16 weeks or more than that.

Q. What is Form 1040X?

Ans. Form 1040X can be understood as a tax form. This form comes in handy for correcting the errors made in the tax return. By filing such a form, you can help the IRS in getting over the errors.

Q. How to file an amended tax return online free?

Ans. Should you like to amend the tax return online for free, you can look for software over the web that lets you do that. Ensure that the software is reliable prior to submitting it.

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