| p>Occasionally mistakes are made as we file our tax | | | | current and avoid penalties. The big advantage to filing |
| returns each year. If there are simple mathematical | | | | early is that you allow yourself the time to amend or |
| errors, the IRS will usually correct them and send | | | | deal with changes as needed and still meet the April |
| correspondence indicating the changes. However, in | | | | 15th deadline. |
| cases where income was left out or there are | | | | And it's after April 15th |
| changes to your filing status or claimable credits, you | | | | Filing an amended return after that same tax season's |
| should amend your return to avoid penalties. | | | | April 15 deadline will result in penalties and interest being |
| FORMS AND DUE DATES | | | | assessed from the 15th to the date the additional tax |
| Amended tax returns are filed with form 1040X, and | | | | is paid. Filing the amended return quickly after the |
| can cover any previously filed 1040, 1040EZ, 1040A, or | | | | deadline may avoid some of the accuracy-related |
| 1040NR. The 1040X includes columns to itemize | | | | penalties. |
| changes to the original return, and allows for | | | | It is recommended that you use a tax professional to |
| explanations of the changes if needed. If your changes | | | | prepare all returns-especially amended ones-to ensure |
| affect any of the schedules attached to the original | | | | quick turn around and accurate filing. |
| return, you will need to attach the schedules to the | | | | Why would you want to file an amended return that |
| 1040X as well to better illustrate the alterations. If | | | | increases your tax liability? Honesty is the best policy |
| you're amending multiple years, you'll need to include a | | | | when income is omitted. Filing an amended return to |
| separate 1040X for each. | | | | indicate the proper changes can save time and |
| If You're Due a Refund | | | | penalties later, as failing to do so can inspire an IRS |
| Note that if you're making changes that either enable | | | | audit. If you are audited it can be many months before |
| you to receive a refund or increase the previous | | | | the matter is resolved-not to mention you'll be |
| refund, you must file the 1040X within three years of | | | | assessed the additional liability along with penalties and |
| filing the original return OR two years of paying the | | | | interest. |
| tax-whichever comes later. If you filed an original return | | | | FILING OPTIONS |
| that claimed a refund and plan to amend the return to | | | | Unfortunately amended returns cannot be filed |
| increase the refund, you must wait until you've actually | | | | electronically, so you'll need to mail the return to the |
| received the refund to send the amended tax return. | | | | service center used for your original return. You can |
| If You Have a Balance Due | | | | expect processing of your 1040X in 12 weeks; |
| And it's before April 15th | | | | sometimes quicker but occasionally up to 16 weeks. |
| In cases where amending your return will increase the | | | | For further reading on federal amended returns: |
| owed tax, you must file the amended return with the | | | | IRS Tax Penalties & Interest: Late Filing - Click |
| additional payment by April 15th. This way you'll stay | | | | Here. |