Fixing a Mistake on Your Tax Return - By: StrataTax

There’s a lot of pressure to get your taxes filed on time – but what if you later discover an error after your return has been mailed? Do not fear – you have the opportunity to fix errors by filing an Amended Return, Form 1040X. The requirement to amend your incorrect income tax return depends on the error that needs corrected.

Do not file an amended return to correct errors in math. Many mathematical errors are caught in the processing of the tax return so you may not need to correct these mistakes.

Do not file an amended return if you forgot to include a form or schedule. The service center may often accept returns with missing forms or schedules. Most often, the IRS will contact you and ask for the missing information.

File an amended return if your filing status, income, deductions or credits were reported incorrectly. File the amended or corrected return using Form 1040X, Amended U.S. Individual Income Tax Return. Include copies of any schedules that have been changed or any Form W-2 you did not include in the original return.

Process. If you are filing to claim an additional refund, do not file the amended return until you receive your original refund. If you owe additional tax for the year, file Form 1040X and pay the tax by April 15 to avoid penalties and interest. If the due date falls on a Saturday, Sunday or legal holiday, the due date is delayed until the next business day.

If you are amending more than one year, file a separate Form 1040X for each year and mail each form in a separate envelope. Be sure to enter the year of the return you are amending at the top of Form 1040X. Attach any forms or schedules that are affected by the change. There is an area on the back of the form where you can explain the specific changes being made and the reason for each change.

Time Period to File an Amended Return. Generally, to claim a refund, you must file Form 1040X within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date.

Processing and Filing of an Amended Return. Normal processing time for Forms 1040X is 8 to 12 weeks from the IRS receipt date. Keep in mind that an amended tax return cannot be filed electronically under the e-file system.

Your tax preparer can provide you with more information regarding amendment to your income tax return. StrataTax, a San Diego consulting and tax services firm, is available year-round to assist you with income tax preparation and tax planning. Call us at (858) 225-7720 to setup your free initial consultation or visit us at http://www.StrataTax.com for more information.

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