Tips on Filing Your Amended Tax Returns

   

When you discover that you made a mistake on your tax return, 

you can file an amended return to fix the error.  You can also amend your tax return to claim a tax credit or deduction.   Below are 10 tips for you to consider when you need to amend your return:

• When to amend. You should amend your tax return if you need to correct your filing status, the number of dependents you want to claim or your total income you need to change. You should also amend your tax return to claim tax deductions or tax credits that you did not claim when you filed your original return.  
• When NOT to amend. If you make some math errors, you don’t need to amend your tax return. The IRS will make corrections for you.   Also, if you didn’t include a required form or schedule on your tax return, the IRS will mail you a notice about the missing item. 
• Form 1040X.  You need to use Form 1040X to amend your federal income tax return that you filed before. You must file it by paper; you cannot file it electronically.  Your need to make sure to check the box at the top of the form that shows which year you are amending. Form 1040X has three columns. Column A shows amounts from the original return. Column B shows the net increase or decrease for the amounts you are changing. Column C shows the corrected amounts. You should also explain what you are changing and the reasons why on the back of the form.
• More than one tax year.  You need to use a separate 1040X for each tax year if you file an amended return for more than one year.  Mail them in separate envelopes to the IRS
• Other forms or schedules. If your changes have something to do with other tax forms or schedules, make sure you attach them to Form 1040X when you file your return. If you don’t, this will cause a delay in processing.
• Amending to claim an additional refund. Don’t file your amended return if you are waiting for a refund from your original tax return.  You should wait until after you receive the refund. You may cash the refund check from your original return.  Amended returns usually take up to 16 weeks to process. You will receive any additional refund you are owed later on.
• Amending to pay additional tax. If you’re filing an amended tax return because you discover that you actually owe more taxes to IRS, then, you should file Form 1040X and pay the tax due as soon as possible. This will limit additional interest and penalty charges.
• Reconciling the Premium Tax Credit. You may also want to file your amended return if:
• You filed your return but incorrectly claimed a premium tax credit, or
• If you received a corrected or voided Form 1095-A.  
• When to file. To claim a tax refund, file Form 1040X no more than three years from the date you filed your original tax return. You can also file it no more than two years from the date you paid the tax, whichever is later.
• Track your return. You can track the status of your amended tax return three weeks after you file on IRS.gov or by phone at 866-464-2050.  
  

We can help to amend your tax return at a very affordable price.  Just email us and we will take care of it for you.

If you have any questions, please feel free to email us.

Your comments and feed backs are welcome.

Source:  www.irs.gov.

Email:   Excellent-tax@gmx.com