Tips For Filing an Amended Tax Return
No one wants to receive an IRS audit. If the IRS discovers a discrepancy in your return, it could lead to future problems. If you find discrepancies in a previous return, the best thing you can do is file an amended tax return.
An amended tax return is usually filed if you need to make revisions to a previous tax return. Most people file an amended tax return because they need to correct their filing status. This will allow them to claim the deductions that were missed as a result of filing in the wrong status.
This is often significant section of this specific issue. Form 1040x, the Amended U.S. Individual Income Tax Return, is used to file an amended tax return. This will correct the tax return filed under Forms 1040EZ, 1040A, or 1040. Processing time usually takes between eight to twelve weeks. If you had simple mathematical errors, there is no need to file for an amendment since IRS computers automatically do the math and check for calculation errors.
The following tips and information should help you correctly file your amended return:
O When filling out the form, clearly and concisely provide the reasons for making changes in your IRS return. Make sure you provide all of the required information. It’s important to include the necessary forms and documentation.
O The filing of the amended tax should only be done through mail since submission of form 1040X is not available electronically.
O The form 1040x is divided into three columns; Column A indicates information on your original tax return; Column B provides information on the adjustments made; Column C indicates alterations made between columns A and B.
O don’t forget to write the year of the tax return you’re amending at the top of the form. Always double check the numbers and calculations. Indicate any change of address by checking the correct box.
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O After you have completed all needed information, double check everything for errors and then mail it to the IRS Service Center. Make sure you have written the correct address of IRS in your area. An IRS agent will review your file to confirm that you have provided enough information regarding your request for revision.
O Pay the IRS the amount you owe before they impose penalties and additional interest. Never make any claims that you can’t validate since you might end up with a more serious problem.
O In some situations, the IRS may require an audit of your amended return due to insufficient information. To avoid going through the process, make sure that all the claims you have provided can be substantiated by the documents you have attached to form 1040x.
Filing an amended return is beneficial if you have to make corrections to your tax return. Such corrections can include changes on your deductions, recalculations of tax credits, or removal of previous dependents. When filing an amended return, being careful will go a long way.
Terry Mitchell is the owner and operator of Foxrater – http://www.foxrater.com – the web’s top free insurance quote site. It allows people to enter their zip code and compare the rates of auto, homeowners, health, and life insurance companies doing business in their area.
Question about filing income tax? Okay, so this is my bf and I's first year filing taxes and living together. He's saying that even though we live in the same house and both of our names are on the lease, that we can file our taxes separately, yet I would still claim head of household and he would claim dependent. How does this work? Oh and we’ve a two year old, who would be better to claim her, if we do do it separately? Thank you and sorry if I was a bit confusing
Couple joint or separate tax filing issues any ideas? I’m legal permanent resident.My wife and nine year old son lately migrated legally too to join me. She works and makes some income, though very low amount (part time job). I also work but with low income as well. Tax period is here. She’s concerned about tax refund opportunity. Now the question is: Is it best for us to file jointly or separately, looking at our current immigration status and low income levels? Secondly, when does the tax filing period end, is it March-April? I’ll greatly appreciate your advice. Thanks for reading and happy new year!