How do you amend a tax return

How Long Does an Amended Tax Refund Take to Be Issued

Did you recently submit an amended return and are wondering when the refund will be issued? Unfortunately, it may take much longer than you initially anticipated.

When you file a Form 1040X, or Amended Tax Return, you must mail it in for processing. According to the IRS website, it may take up to three weeks for the document to appear in their system. You can use the Where's My Amended Return tool (which is updated every 24 hours) or call 1-866-464-2050 to check the status. Keep in mind it could take up to 16 weeks from the date of receipt for the IRS to process your return and issue your refund via paper check or direct deposit.

There are three phases to the procedure IRS uses to process Amended Tax Returns:

Phase 1- Received. This status confirms the IRS has received your Form 1040X or Amended Tax Return.

Phase 2- Adjusted. This status confirms the IRS has applied the updated information from your Form 1040X to your account.

Phase 3- Completed. This status confirms the IRS has processed your Amended Return and generated a refund (if applicable).

If there is an issue with your Amended Tax Return, the IRS will either contact you by mail or prompt you to contact them by phone through the Where's My Amended Return tool.

To expedite the processing of your return, avoid submitting returns that include errors, are incomplete, or are unsigned by the tax preparer. These are issues the IRS notes commonly result in longer processing times. Your amended return may also be delayed if the IRS needs more information, or if it meets any of the following criteria:

Has been compromised by identity theft or fraud

Needs processing in a special area, clearance from the bankruptcy department, or approval by a Revenue Officer

Is being appealed or reconsidered by an IRS decision

Contains Form 8379 for an Injured Spouse Allocation

Unlike standard tax return refunds, you cannot check the status of your Amended Tax Refund online. If you still haven't received your refund within 12 weeks, the IRS recommends contacting them directly at 800-829-1040 or using the number found via the Taxpayer Assistance Center Office Locator database. However, bear in mind an IRS representative cannot provide additional information if it has been less than 12 weeks since you initially submitted your Amended Tax Return.

If you discover the IRS never received your Amended Tax Refund, resubmit promptly to the address listed in the instructions for Form 1040X. Be sure to notify the IRS of your intention to do so just in case the other form comes through after the fact.

Finally, feel free to contact the IRS with any questions you may have about the processing of Amended Tax Returns and Refunds so you know what to expect beforehand.

How and When you Should File an Amended Tax Return

How do you amend a tax return

Source: Photo: dishaw

Imagine this: you file your tax return just to learn soon enough that you made an error or omitted important information. While this may feel like a kick in the gut, it is not nearly as bad as it sounds. Rather than worry about whether or not the IRS will audit and catch you, file an amended tax return.

Here are several reasons why you may need to file an amended return:

  1. To claim or remove dependents
  2. Report additional income
  3. To correct a mathematical error
  4. Make changes to your deductions or credits
  5. Change your personal exemptions
  6. Report additional withholding

Now that you know some of the most common reasons for filing an amended tax return, you should consider how this is done.

It takes two steps to amend a return. Part one consists of filling out a new Form 1040. Once you are done with this, you need to complete Form 1040X which shows the differences between your original and new return.

Why do I need to fill out a new 1040? The main reason for this is that you will be asked to match items from this form against 1040X. Along with this, it is a good idea to have an accurate return for your records.

Before you start to fill out Form 1040X, you should gather the following documentation: your new 1040, as well as your original information. Part 2 of Form 1040X is where you get down to business. It is this area where you will note what changes you made and why this was necessary. Make sure you are as clear and complete as possible.

Need more information? Here are several things the IRS wants you to know about amending your return:

  1. You must use Form 1040X, Amended U.S. Individual Income Tax Return.
  2. You are only allowed to paper file an amended return – you cannot electronically file even if this is how you did so originally.
  3. At the top of Form 1040X there is an area where you can enter the year of the return that you are amending. It is important that you include this information so the IRS can properly update their records. You have three years from the date you originally filed or two years from the date you paid, whichever is later, to file Form 1040X.
  4. Need to prepare more than one amended return? Make sure you use a separate 1040X for each, and mail them in individual envelopes.
  5. If you find that you owe additional tax, you should file an amended return as quickly as possible and then pay your liability right away. This will help to limit the amount that you pay in penalties and interest.

The process for filing an amended tax return is simple. Hopefully you never have to do this, but if the time comes make sure you follow the above advice.

how do you amend a tax return

Posted on July 1, 2015, by Admin, in Uncategorized, tagged

Tax returns are becoming more and more complex on an annual basis. There are more forms to fill, more information to give and it always seems that there is not enough time to get it all done. It is therefore not surprising that you may make a mistake on your tax returns, particurly when there is a change in your financial status.

As this is such a common occurrence, the IRS has come up with a way to amend your tax returns. You can choose to either pay any extra money you owe as tax or get a refund for the extra money that you paid as tax. The IRS, however, does not allow you to file your amended tax return online; you have to do so through email.

To change your tax return, fill form 1040X and send it to IRS. This is the form that reveals the changes that you are making, which amend the tax return that you filed. You are also required to attach any forms, schedules and documents that are being changed as per the amendment.

How far back can you amend tax returns?

The IRS is strict on how far back one can amend their tax returns, whether you are seeking a refund, or you owe tax. The timeframe is usually 3 years after the due date of the original return or 2 years since you paid tax.

How can I amend tax returns for multiple years?

If you are filing an amendment return that spans more than one year, then you need to fill in separate 1040X form for each return. Once filled, these forms should be mailed in separate envelopes. Each envelope should be addressed to the appropriate IRS processing center. Where necessary, attach any other relevant forms.

How do I indicate the year that I am looking to amend?

At the top of the 1040X form, there is a section where you can write down which tax year you are seeking to amend. It is important to write the correct year, as tax calculations change from one year to the next. If you need information on the prior year instructions, you can access the IRS website where they are available. You will also find relevant tax tables and forms.

What is reported in the amendment?

The amendment should be filled when you want to report changes in your status, deductions, credits or income. Note that you do not need to file an amendment in order to correct a mathematical error that you made while filing your returns or in order to include some of the documents you forgot to include while filing for your returns.

Checking the status of your amended return

You are allowed to email your amended returns after which you can check the status online using the ‘where is my amended return’ tool from IRS website. According to the IRS, the filed amended return could take three weeks before it appears on their database and eight to twelve weeks before it is processed.

Amend Taxes: Guide on Filing & Amending Federal Tax Returns

How do you amend a tax returnIt is important for each taxpayer to understand how and when to file an amended tax return. Despite your best efforts when preparing your tax return, at some point in your life you will undoubtedly come across a time when you must amend your tax return. This happens once your tax return has already been mailed or filed electronically and you discover changes that have to be made. The following information can help you determine when you need to file a an amended return and how to go about the process.

Once you notice errors on your tax return, do not immediately assume you have to file an amended return. If the errors are mathematical in nature, you probably do not have to file an amended return. This means if you entered the correct figures but made a mistake in adding or subtracting, the IRS computers will spot your error and make the corrections automatically. Changes to your tax return for the following reasons will require you to file an amended return:

  • Additional withholding- 1099 or W2
  • Additional income- 1099, W2 or other statements reporting income
  • Adding or removing dependents
  • Changing personal exemptions
  • Changes to tax credits- this included adding, removing or recalculating credits
  • Reporting the correct filing status
  • Changes to standard, itemized or above-the-line deductions

Basically to avoid problems with the IRS, you should file an amended return whenever there has been a mistake in the reporting of your filing status, income, credits or deductions.

If you have determined that you must file an amended return, you must do so manually using Form 1040X. Form 1040X is the Amended U.S. Individual Tax Return and can be used to correct the following previously filed Forms; 1040, 1040A, 1040EZ, 1040NR and 1040NR-EZ. In order to file your amended return you will need your original tax return to reference when filing out the Form 1040X. You do not want to make mistakes the second time around, therefore it is important you have all the correct data in front of you to ensure the amended form is without error. It is important to note that Form 1040X has been redesigned for the tax year 2009. Prior to the redesign the Form 1040X had three columns which showed the data reported on the original tax return, the changes made and the adjusted value. The new design eliminates two of these columns which means only the adjusted (correct) value needs to be entered. There is also a space provided on the form to explain why you are filing an amended return. In addition to sending the completed Form 1040X, you must also submit copies of any forms or schedules that have changed as a result of the amendment. Any additional documentation that was received after filing your original tax return (W2, 1099, etc) should also be submitted along with the rest of the required documentation.

When a person files an amended return, it may result in a change to the amount of refund received or tax liability owed. For this reason it may be in your best interest to consult with a tax professional for advice on how to handle changes that may result from the amended return.

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