While many people think of taxes as a “set it and forget it” task, this is actually not the case. In fact, if you find errors or omitted information on your original return, you can use Form 1040x – Amended Tax Return to file a corrected version of your federal return.
what are the benefits of filing an amended return with the irs?
Believe it or not, using an amended return can result in major benefits such as:
- claim a tax credit
- take a missed deduction
- report additional income and withholding
In fact, when filing Form 1040x for an amended return, you could:
- receive an additional refund; or
- owes additional taxes as a result of the correction.
If a refund is due, the IRS will send it to you after it accepts your amended return. If you owe taxes, submit the amount due to the IRS along with the 1040X tax form. if you owe interest or a penalty, the irs will charge you.
what to look for when filing the 1040x
When you modify a declaration for a specific reason, it’s a good idea to review the entire original declaration. look for the following things you might have missed the first time, like:
- deductions
- credits
- exemptions
- income
- withholding
When you do this, you may end up owing less money or getting more than one refund.
who can file an amended tax return using form 1040x?
You can modify your taxes as long as your original tax return was prepared using a 1040 or 1040sr form.
what to include in your amended return
When you file a 1040x tax form, you may be wondering what to include on your amended return. you will need to attach these items if you need to test the changes in your amended return:
- a copy of the federal refund deposit slip
- any w-2s or 1099s not previously filed
- any other forms, schedules, or documentation to support the return amended
To file an amended tax return, you can file electronically or download a paper Form 1040x from www.irs.gov. you must submit the paper form if you choose to file on paper. you can also do it with the help of h&r block, with our various product and file options.
If I already filed my return this year, can I amend my tax return to add dependents to my 1040-x? Can I also add a dependent from a previous year?
yes, you can file an amended return this year. You can add dependents to any of the returns from the last three years or within two years of the date you paid the tax, whichever is later. If you have an amount due that can be reduced, you can file your return after this date. To add or change the number of your qualifying dependents, you must print and mail an amended tax return for each affected year to the IRS. you cannot electronically file the 1040x form. If you’re filing a 2020 tax return, you can do so electronically, unless you or your spouse has changed your social security number or filing status.
due date to file form 1040x
To get a refund, you generally must file an amended return by the later of these dates:
- within three years from the date you filed your original return
- within two years from the date you paid the tax
if you received an extension, the filing date is one of these:
- actual date you filed your return within the extension period
- tax due date if you filed your return after the extension period expired
If you file an amended tax return due to a bad debt or worthless value, you have more time to file. in this case, you have seven years after the due date of your original return to file the amended return.
If you own a business, you can also file an amended tax return for a year in which you had a net operating loss (NOL). You must file the amended return within three years after the due date of the return for the year nol.
The IRS generally has three years to assess additional taxes. however, longer periods are allowed for material underreporting of income and fraud.
do you need to file a tax amendment? get help.
If you’re not sure whether or not you need to file a tax amendment, even if it’s the last day to file taxes, we can help. our second look® tax review is free. schedule a time to visit your local h&r block office to put your questions to rest.