It’s not unheard of for additional information to arrive after you’ve already filed your taxes. This can be something like overlooked credits or tax form 1099 arriving too late in the season. Fortunately, the IRS has created an easy way to fix your tax return by amending it.
It can be difficult to ensure your tax return is accurate and complete. To help with this, it’s important to gather all necessary documents such as W-2s, 1099s, receipts, etc. Thus you can be sure that all the relevant data are input into the right schedules and forms before submitting.
How can you fix your tax return?
First, beginning the tax season can be daunting; however, getting ready is made much simpler by taking a few steps. Firstly, it’s important to assemble all your new paperwork. This includes any receipts for deductions and credits you are claiming, such as 1099s or W-2 forms that may have been missed initially. It never hurts to keep a copy of your previous year’s return handy too!
Second, once you have completed the first stage, forming 1040-X is your next task. From 2019 onwards, fixed federal tax returns can be submitted electronically as long as the initial one was sent this way. Those who filed theirs with TurboTax should log onto their account and pick out the tax return needing amendment; then, they must adhere to the onscreen directions.
The third and final task is determining what alteration needs to occur. To be able to accurately adjust the mistakes on your original tax return, you must get an unaltered copy of the same form from that year. With this in hand, you can modify those numbers which were impacted by making amendments – thus recalculating your taxes.
In preparing to fix your tax return’s fourth and final stage, grab any new schedules or documents you need to make changes. Unlike submitting a full tax return, only figures that have changed should be updated with the IRS; there’s no need to start from scratch again. However, in the event that any of your original filings will be subject to alteration due to an amendment, it is necessary to re-submit those schedules together with your Form 1040-X. Fortunately, Prior Tax can provide assistance in this process – a team of dedicated tax professionals are there to help you revise the required forms with ease.
To complete the process, you must fill out Form 1040-X. It is vital to explain precisely why you are filing this form. Furthermore, should you file the return on paper, be sure to attach any related documents supporting your cause and mail them off according to the instructions on Form 1040? When submitting an amended tax return, make sure to send it to the IRS service center, which handles your first filing. In addition, you must include payment for any extra taxes due; otherwise, the IRS may impose interest and penalties on the remaining amount.
Using PriorTax to fix your tax returns
At Prior Tax, we understand that the process of amending a return can be complicated. To fix your tax and file for tax amendment.
Don’t worry about filing taxes on your own – Prior Tax has got you covered! With Live Full Service, an expert will take care of everything, start to finish. Take advantage of Dedicated Tax Professionals for the right answers and a maximum refund guarantee. Or opt for confidence-building tax filing with Prior Tax easy filing process or with the help of our dedicated tax professionals. Whichever way you go, get a guaranteed maximum refund from Prior Tax.