How To File for an Amended Tax Return

You may face serious IRS problems in the future for discrepancies detected in your tax returns. Hence, if you discovered some mistakes on your tax return, may it be last year’s or the one you recently sent, it is always in your best interest to file an amended tax return. If the errors are just mathematical in nature, the IRS simply corrects these and you do not need to file for an amended tax return. However, there are errors that need to be corrected by you as doing otherwise could lead to problems.

Discrepancies in deductions or credits, total income, dependents and filing status are several of the usual errors in the tax return. Be primed, however, that correcting some information in your return may lead you to either get a refund or incur penalties.

Tax returns submitted through Forms 1040EZ, 1040A or 1040 can be amended using Form 1040x, Amended U.S. Individual Income Tax Return. Be sure to mail your requests for amendments as the IRS electronic system still does not accept Forms 1040x. Essentially, Form 1040x requests for items such as data that need to be corrected and the reasons for the adjustment requested.

Among the most popular reasons that people file amended tax returns is when they need to correct their filing status. If you chose the wrong filing status, the 1040X allows you to change that so that you can get back some money which are otherwise claimed from you should you have selected an incorrect filing status. A common change that is often seen on amended tax forms is a change from a single filer to a head of household. The amount of deduction available to those who qualify as head of household is substantially different from those who are single filers.

If you have diligently paid the taxes on the applicable tax return, you may file for an amendment within the three year period following the return’s filing date. Otherwise, the grace period is shortened to only two years.

If you have just filed and you have discovered an error, you may want to wait until you receive your refund and all of the paperwork for that tax return has been processed before filing an amended tax return. This will keep you away from any confusion regarding your tax record or any duplication of paperwork, thereby eliminating the possibility of an IRS problem.

On the other side, there are circumstances when additional costs are incurred when filing for an amended tax return. No matter how attractive the choice of simply running away is, honesty and filing for an amended tax return will always pay off in the long run. This will truly avoid future problems as the IRS will eventually find out about this error. In addition, the IRS can charge you with lesser fees if you choose to initiate the move of bringing your mistakes to their attention.

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Originally posted 2008-06-03 15:08:47. Republished by Blog Post Promoter

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