Amend Tax Returns -Use Form 1040x
After your taxes are filed and you find an error, you will need to correct the filing. The best way to correct an error after the taxes are filed is by using Form 1040x to amend the tax return. It is not necessary to file a 1040x Form on all errors. When you made a mistake in your math normally, the IRS will notice that error and make the correction for you. If you filed under the wrong status, you will need to file the Form 1040x. You will need to file your 1040x Form if you forgot to put in an income that you earned.
When it comes to refunds if you have filed and know that you have a refund coming back then wait until that refund is sent to you before you file the Form 1040x for an additional refund. When you find that you owe the IRS, you will need to file the Form 1040x in order to prevent having to pay out penalties and interest charges. It is wise to file the form immediately and pay the amount that you owe amending the tax returns. You need to file your Form 1040x for each year you need to amend your tax returns. You may not combine several years on the same.
The form is made up of three columns that are easily read and able to complete. The first column is A which shows the original or adjusted figures filed on your original return. Then you will need to do the math because the difference between column A and C are put on Column B. You explain on the back of the Form 1040x why you need to amend your returns in your original filing. Do not forget to attach any additional forms or schedules that explain your filings. Your taxes must be filed within a three-year period in order for you to be reimbursed. Your Form 1040x will not be taken care of by the IRS for up to twelve weeks after you have amended your tax returns.
Many people make mistakes on their IRS taxes when they file especially the first few times. The government understands that we are human and make errors. That is why they provide form 1040x so we can amend tax returns that we might have made errors. You can amend tax returns the same year that you file if you take action immediately. People who expect a returns should wait before they amend tax returns in order to prevent any confusion.
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