Found a mistake? Don’t panic. Amending a return within the three-year statute of limitation is a relatively painless process.
A simple math or clerical error doesn’t require amending a return. Mistakes happen. Bigger issues regarding your filing status, income, deductions, or credits do need to be corrected. If you overlooked a valuable credit, forgot a 1099 in your junk mail pile, or had tax form you didn’t expect show up late, you’re going to need to file an amended return. If you are unsure if you need to file an amended return, ask your tax professional or use the IRS Interactive Tax Assistant. You can amend a return up to 3 years after the original return for the year in question was filed or two years after the tax for that year was paid, whichever is later.
Gather your documents.
You will need a copy of the original Form 1040 you filed for that tax year, as well as any of its accompanying schedules and supporting documents.
Complete a Form 1040X.
Amending your return is done on Form 1040X Amended US Individual Income Tax Return. You will transfer the information from your original Form 1040 and fill in the additional columns with the net changes and new amounts. You are required to note the reason you are submitting an amended return and attach any new supporting documentation. Any forms or schedules affected by the change need to be recalculated and attached.
File by mail.
All amended returns must be submitted on paper by mail. Where to mail your return depends on where you live and whether or not you received an IRS notice. Mail each tax year you are amending in separate envelopes.
Pay any additional tax owed.
If your new calculations show a balance due, set up payment as soon as possible to minimize interest and penalties. You can pay online at IRS.gov or with their mobile app, through a third party payment processor (fees apply), or by attaching a check or money order to your return. If you can’t pay the entire amount right now, apply for an IRS Installment Plan. If you have already accrued penalties or interest, you will receive a bill from the IRS.
If you are expecting a refund, it can take up to 16 weeks for the IRS to process an amended return. You can begin tracking its status using the IRS Where’s My Amended Return? tool approximately 3 weeks after mailing.
If you need to amend a return, give us a call for an appointment.