How to File an Amendment to Your Tax Return?

Answer 1

You may have already sent in your tax return to the IRS when you realized that there was an additional deduction you could have taken or you received statements for income that should have been reported. Fortunately, this is an easy situation to fix when you file the right paperwork with the IRS.

Rules for Filing an Income Tax Return Amendment

All amendments to returns already filed must be completed manually using IRS form 1040X. You can access this form at the official IRS website, www.irs.gov or by going to the public library and making a copy from a booklet. You must file a separate 1040X form for each year that you are claiming an amendment and it must be for a tax year within the past three years. Also, you are not allowed to change your filing status from joint to individual on the form 1040X.

How to Complete Form 1040X Correctly

When you obtain the 1040X form, indicate your name, address, social security number, tax year filing that you want to amend and your filing status. Under Column A, you should enter the figures from your original tax filing. The corrected income, deductions or credits should go under Column B. Now you can calculate the difference and enter the correct taxable income on Line 5 of Column C. If you additional tax, enter the amount on Line 21 of the 1040X form. If you are receiving a refund, enter the new amount on Line 23. Regardless of whether you owe more money or should receive it, you need to include an explanation as to why the amendment was necessary.

Setting with the IRS

After all information has been completed, find the original address where you mailed your first return and send it to the same address. Be sure to include a check if you owe additional money. If you are expecting a refund, you will receive a check in the mail in approximately eight to 12 weeks. Refunds that are the result of a 1040X filing can't be sent to your bank account through direct deposit.