Key Takeaways When Getting Amended Tax Return
If you filed your income tax return with missing or inaccurate information, you could amend the tax return using the tax form 1040X with PriorTax and our Tax Service Professionals. Here is how to file a 1040X form with the IRS, when you should amend a tax return, and other rules you should know. When filing your tax form 1040X, you may wonder what to put on your amended return.
Use the tax form 1040X to report major changes, like adjusting filing status, adding or dropping a dependent, filing for tax deductions or credits you missed, or adding taxable income that you forgot to itemize. In addition, tax form 1040X is generally used to address errors regarding your filing status, income, claims for deductions or credits, or tax liabilities.
Once you have indicated you are preparing a modified return, PriorTax Tax Service Professionals will assist you in completing tax form 1040X and any supporting forms and documents as you make changes to your income and deductions. Sign up to PriorTax to create your account to enter your information, or sign in again to start editing your return. Then, you can reach out to our Tax Service Professionals to walk you through this process. The filing does not accelerate the process and can slow it down; tax amendments are made only to modify or fix things in an accepted tax return.
Generally, you should file a tax amendment form with IRS and/or a state amending return if you need to add more information, delete information, or make a general correction on a return on your income tax that you have completed filing already via mail or electronically. Unfortunately, some state tax agencies do not permit you to e-file your individual income tax amendment; you may need to mail your completed, amended state return to your state to complete it. Previous years’ amendments may also be completed at no cost. Note that with PriorTax, you could eFile your past 3 years of federal taxes.
Suppose you are owed a tax refund on the tax returns for the current year. In that case, the IRS says that, generally, you should wait to get your refund before filing a tax amendment for an amended tax return, especially if you are filing for a refund extension.
How Soon to Act for An Amended Tax Return?
If you are filing tax form 1040X to claim your refund, you typically must do so within three years after filing your original return or two years after paying the taxes, whichever is later. However, you could amend your taxes if your original return was prepared using tax form 1040 or tax form 1040SR. To file your amended tax return, you can e-file or download the 1040X form with PriorTax and with the help of our Tax Service Professionals.
To add or change the number of dependents who qualify, you must print and mail the amended tax return for each affected year to the IRS. However, you do not have to file an amended tax return if some tax forms are not attached because, in such cases, DOR would contact you if additional information is needed.
Are There Penalties for Filing Amended Tax Return?
No penalties are assessed on the additional taxes if you voluntarily file the amended return and pay any taxes due.
Anyone can file an amended tax return with PriorTax, even if they used another vendor or mail in their original return. However, an amendment should be filed only if the IRS or a state has already accepted your return and you need to make changes because of a bug, omission, or statutory update.