Tax Tips for Amending Your 1040 ReturnPublished:
What to Do If You Need to Make Corrections to Your Taxes
If you realized you made a mistake on your submitted tax return, never fear. The IRS will let you amend your tax return to correct any errors. Common mistakes may include forgotten deductions or credits, incorrect filing status, or missed income. To file an amended tax return, it must be done on hard copy – a paper IRS Form 1040X.
Here are some additional tips to keep in mind if you need to amend your tax return.
Math Errors? Missing Forms? No Need to Amend
You do not need to amend a tax form due to math errors or if you forgot to include additional forms. The IRS will calculate your return and correct any mathematical mistakes – if the math errors results in more owed taxes or a larger return, they will contact you by mail. The same is true for additional forms – they will let you know what forms you need to send without you having to amend your return.
Wait to Correct Your Refund Amount
If you need to amend your recently filed tax return, but have not received your tax refund yet, you should wait to file your amendment until you receive your refund. If you are owed an additional refund, file your amended return once your refund arrives and expect to wait up to 16 weeks for your additional refund amount.
Pay Additional Taxes ASAP
If you realize you forgot to include income or you made another mistake that increases the tax you owe, you should pay the additional tax right away. You can send in Form 1040X to amend your return, but the sooner you pay your owed taxes, the fewer penalties and interest charges you will incur. You can pay online through the IRS website.
Send Extra Forms with Your 1040X
If you made changes to other schedules or forms when you amend your tax return, attach them to your 1040X when you mail it to the IRS.
File Each Year Separately
When filing amendments for more than one year, do each year separately and mail them in individual envelopes to avoid confusion. Make sure to include the year of each return on the top of each 1040X Form.
Owed a Refund? Get Your Amendment Filed Within 3 Years
You only have 3 years to file an amended return and receive a tax refund. This is 3 years from the date you originally filed the tax return. If you are owed a refund for tax year 2015 and you filed your return on April 18th, 2016, you would have until April 18th, 2019 to file to amend your return and still be entitled to your refund.
Tracking Your Amended Return
You can check on the status of your amended return through the IRS website option ‘Where’s My Amended Return?’ This allows you to track your amended return once it has been in the system for at least 3 weeks.
If you need to file an amended tax return, you can print off Form 1040X from the IRS website or contact the IRS to send you a form.