If you ever discover an error on a tax return, realize you qualify for deductions or credits you didn't take, or forgot to include some income, you may be able to amend your return by filing a Form 1040-X. When you prepare the 1040-X, it's not necessary to complete a brand new tax return. Form 1040-X only requires that you update the numbers that will change.
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You can amend your taxes as long as your original tax return was prepared using Forms
If your changes affect more than one tax return, you must file a separate Form 1040-X for each tax year. Since it may be necessary to prepare additional forms or schedules, be sure you use the ones required for that specific tax year.
When you use Form 1040-X to claim additional deductions or credits or to correct an error that reduces the amount of tax you owe for that year, the Form 1040-X serves as your formal claim for a refund. Additionally, many small business owners can use the form to carry back net operating losses that occur in one of the subsequent two tax years. The IRS notes that it takes approximately eight to twelve weeks to process amendments, so be on the lookout for your refund after this time.
You must amend a return within three years of the original filing deadline, or within two years of paying the tax for that year. If you got an extension and filed the original return after the deadline, then the three-year period begins on the date you filed it.
The most helpful document you need when preparing Form 1040-X is a copy of the original tax return you’re amending. You can transfer some of the original information onto the amended tax return, such as
You also need any documentation that relates to your changes. This can be a number of items such as proof of payment for a new deduction you are claiming or an additional W-2 for additional income you need to report.
If you attached any schedules to the original return, you don't need to complete these again unless your amendments cause the numbers on it to change.
The IRS limits the amount of time you have to file an amended tax return. For most taxpayers, it must be done either
However, if you filed the original return after the deadline because you obtained an extension of time to file, then the three-year period begins on the date you actually filed it. Some people who are disabled or otherwise incapacitated may have more than three years, depending on the circumstances.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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A Form 1040 return with limited credits is one that's filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible.
If you have a Form 1040 return and are claiming limited credits only, you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic or TurboTax Full Service at the listed price.
Situations covered (assuming no added tax complexity):
Situations not covered:
TurboTax Individual Returns:
