Tax refund: how and who must file an amended tax return

Aaccidents happen, even when filing your taxes. You must submit your income tax return accurately and on time for this reason.

That said, keep in mind that mistakes can still happen despite your best efforts, so if you discover one on your taxes, it is indeed possible to have it corrected.

The most frequent errors generally concern a taxpayer reporting status or the credits and deductions to which they are entitled.

You only need the correct forms and tax software to correct errors. Here is the procedure in action.

Made a mistake? You will need to file an amended tax return

You only need the correct forms and tax software to correct errors. Here is the procedure in action.

Taxes can be confusing and difficult to understand, increasing the likelihood of reporting errors.

Taxpayers who have to file revised returns frequently make one of the following mistakes:

  • Incorrect or changed deposit status
  • Incorrect income
  • Credits or deductions were not claimed correctly

For example, if your filing status changed, you might no longer have been eligible to file as head of household, but instead filed as single.

Compared to a single declarant, heads of household benefit from a lower tax rate and a larger standard deduction. Therefore, if left uncorrected, you could lose thousands of dollars on your tax return.

You must file a modified statement to correct your income if you omitted money on your return or got a corrected information statement with revised income or withholding amounts.

A change in credits or deductions simply indicates that you unintentionally included or excluded a dependent, or mistakenly claimed expenses as a deduction.

It is important to avoid doing anything that could cause problems with the Internal Revenue Service (IRS).

How do I file an amended tax return?

According to the IRS, taxpayers can file an updated tax return either electronically or by mail. You must complete the form 1040-X if you wish to file on paper. Forms 1040, 1040-A, 1040-EZ, 1040-NR or 1040-NR EZ are corrected by 1040-X, according to the IRS.

In general, you must file a form 1040-X within three years of the original filing date of the return or within two years of the tax payment date, whichever is later, to claim a refund.

By selecting the Where is my amended statement option on the IRS website, you can find out the status of your return.

It is important to keep in mind that it can take up to three weeks for your updated statement to appear in their system.

Form 1040-X must be completed electronically using all available tax software packages if you wish to file your 2019 return online and make changes to your 2020 or 2021 return.

There will be a limit of three “approved” amended returns that registrants can submit electronically. However, any further attempts will be denied after the third revised declaration has been accepted.

Only returns for 2019 and later can be changed. For all other tax years or tax types, amended returns must be filed on paper.

Also, if you are updating a return from a previous year and the original return was submitted on paper for that year, your amended return must also be submitted on paper.

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