What Is An Amended Return?
An amended return is a form that you submit to the IRS after you’ve already filed your taxes. It’s used to make changes to a previously filed return, such as correcting errors or adding more information. It’s important to remember that an amended return is not an extension of time to file your taxes. It’s also not a way to change your tax refund or liability.
The primary purpose of an amended return is to correct information that was already filed. This could include errors in the filing status, income, deductions, or credits. It’s important to note that an amended return should only be used to correct errors or add information that’s already been filed, not to change the information you’ve already reported.
When Should You File an Amended Return?
In most cases, an amended return should be filed if you’ve made a mistake on your original return. It’s important to note that the IRS may correct some of these mistakes on their own, but it’s always better to be safe and file an amended return to make sure everything is correct and accurate. You should also file an amended return if you need to add additional information that wasn’t included on your original return.
It’s important to note that you should file an amended return as soon as possible. The IRS has a three-year limit from the date you file your original return or two years from the date you paid the tax, whichever is later. If you file an amended return after this deadline, you will not be eligible for any refund or credit.
Which Form Should I Use?
If you need to file an amended return, you must use Form 1040X. This form is available on the IRS website, or you can request a copy from the IRS by calling 1-800-829-3676. The form will ask you to list the changes you need to make, as well as the original information you reported.
When you’re ready to file the form, make sure to include all of the necessary documents with it. This could include W-2 forms, 1099 forms, or any other documents that were included with your original return. Be sure to attach these documents to the form when you submit it.
What Happens After I File an Amended Return?
Once you’ve filed your amended return, the IRS will review the form and make any necessary adjustments to your tax return. You should receive a letter from the IRS within 8 to 12 weeks of filing the amended return. This letter will explain any changes that were made to your return, as well as any adjustments that were made to your refund or tax liability.
If you don’t receive a letter within 8 to 12 weeks, you should contact the IRS to inquire about the status of your amended return. You can call the IRS at 1-800-829-1040 or visit their website for more information.
What if I Disagree with the IRS Decision?
If you disagree with the IRS decision after filing an amended return, you can file an appeal. To file an appeal, you must submit Form 8379 along with any additional forms or documents that support your position. You can file this form online or by mail.
The IRS will review your appeal and make a decision. If they agree with your position, they will adjust your tax return accordingly. If they disagree with your position, you can file a lawsuit in the United States Tax Court.
Conclusion
Filing an amended return can be a complicated process, so it’s important to understand what it is and when it should be used. An amended return should only be used to correct errors or add information that’s already been reported. It’s important to remember that the IRS has a three-year limit from the date you file your original return or two years from the date you paid the tax, whichever is later. If you file an amended return after this deadline, you will not be eligible for any refund or credit.
If you need to file an amended return, make sure to use Form 1040X and include all of the necessary documents. Once you’ve filed your amended return, the IRS will review the form and make any necessary adjustments to your tax return. If you disagree with the IRS decision after filing an amended return, you can file an appeal using Form 8379.
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