Filing an Amended Return

Posted on October 25, 2011 by Carol

From Carol McAtee’s CPA firm in St. Petersburg, FL– The IRS allows taxpayers to file an amended tax return to correct their filing status, their income, or to add deductions or credits that might have been missed on the return originally filed. An amended return must be filed within three years of the original return. Amended returns are filed using Form 1040X, Amended U.S. Individual Income Tax Return. The 1040X form can be used to correct previously filed Forms 1040, 1040A, or 1040EZ.

Some important facts regarding amended returns are as follows:

  1. Amended returns cannot be filed electronically. They must be filed by a paper form.
  1. Generally, taxpayers do not need to file an amended return due to math errors. The IRS will usually make corrections for math errors and send the taxpayer a notice regarding any refund or additional tax due. Also, an amended return is not necessary if W-2s or supporting schedules were not included with the original return. The IRS will normally send a request asking for the missing forms.
  1. A Form 1040X must be filed within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
  1. If more than one tax return needs to be amended, a separate Form 1040X is required to be filed for each tax year, and each form is to be mailed separately.
  1. If a taxpayer is filing an amended return to claim an additional refund, the 1040X must be filed after receiving the original refund.
  1. If additional tax is due, it is best to file an amended return as soon as possible and pay the additional tax to limit interest and penalty charges that may accrue. Interest is charged on any tax not paid by the due date of the original return.

If you think you may need to amend a previously filed return, contact us for assistance. As tax professionals, McAtee & Associates can help both individual and business taxpayers with all their tax matters.

ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.

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