Filing an Amended Tax Return. Amended Tax Return Pros and Cons. Key Takeaways An amended return is a form filed in order to make corrections to a tax return from a previous year. Form X, available on the IRS website, is the form for filing amended returns. Changes in filing status, changes in the number of claimed dependents, incorrectly claimed tax credits and deductions, and incorrectly reported income are reasons individual taxpayers file an amended return. There is a three-year statute of limitations on issuing tax refund checks.
Pros You can correct errors on an amended tax return. You can claim a refund you were owed even if you didn't file for it. You can correct for circumstances that changed since you originally filed. Cons Form X cannot be filed electronically for all tax years. Processing an amended return can take 16 weeks or longer.
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Individual Income Tax Return Form X is used by taxpayers who need to amend an error in a previously filed annual federal tax return. Doing so could help prevent an audit. In general, it takes the IRS eight to 12 weeks to process an amended return, but it can take up to 16 weeks depending on the IRS backlog of amended returns.
The IRS gets about 4 million Xs each year. Learn about filing amended returns, or get help from a trusted IRS expert. Don't confuse the IRS and make your situation worse by filing an amended return when you shouldn't. Separate fact from fiction when it comes to IRS audits.
One exception: If your e-filed tax return is rejected, you can make changes before sending it in again. If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special form called the X , entering the corrected information and explaining why you are changing what was reported on your original return.
You don't have to redo your entire return, either. Just show the necessary changes and adjust your tax liability accordingly. You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.
TurboTax walks you step-by-step through amending your federal income tax return. Yes, but only for tax years beginning with The IRS has set up a new system to handle amended returns going forward with but you still cannot e-file returns for years prior to You must print these earlier year amended returns out and send them in by mail.
Like the IRS, states typically use a special form for an amended return. Many states also use the X suffix for the form number. Some states allow you to e-file amended returns while others require that you file a paper return.
You realize you claimed an expense, deduction or credit that you weren't eligible to claim. Just keep in mind that the IRS limits the amount of time you have to file an amended return to claim a refund to: Within three years from the original filing deadline, or Within two years of paying the tax due for that year, if that date is later. If you're outside of that window, you can't claim a refund by amending your return.
How to file an amended tax return The process for filing an amended return is fairly straightforward. Here's a step-by-step guide. Step 1: Collect your documents Gather your original tax return and any new documents needed to prepare your amended return. This column shows the numbers previously reported on your tax return.
Use the copy of your tax return you gathered in Step 1 to complete this column. Column B. This column shows how the amounts from your original return need to increase or decrease. Column C. This column shows the correct amount. Just add the amounts from column A and column B and enter the result here. Step 4: Submit your amended forms Beginning with the tax year, you can e-file amended tax returns.
All you need to know is yourself Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. Looking for more information? Get more with these free tax calculators and money-finding tools. Stimulus Check Calculator See if you qualify for a third stimulus check and how much you can expect Get started.
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