Tag Archives: 1040X

IRS Offers Tips on How to Amend Your Tax Return

If you discover an error after you file your tax return, you can correct it by amending your return.

Here are 10 tips from the Internal Revenue Service about amending your federal tax return:

1. When to amend a return.  You should file an amended return if you need to correct your filing status, number of dependents, total income, tax deductions or tax credits. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list additional reasons to amend a return.

2. When NOT to amend a return.  In some cases, you don’t need to amend your tax return. For example, the IRS usually corrects math errors when processing your original return. If you did not include a required form or schedule, the IRS will send you a request for whatever is missing.

3. Form to use.  Use Form 1040X to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ. Make sure you check the box to show the tax year that you are amending on the Form 1040X. You cannot e-file an amended return. You must file an amended tax return on paper.

4. Multiple amended returns.  If you’re filing an amended return for more than one year, prepare a separate 1040X for each return. Mail them in separate envelopes to the appropriate IRS processing center. (See “Where to File” in the instructions for Form 1040X.)

5. Form 1040X.  Form 1040X has three columns. Column A shows figures from the original return. Column B shows the changes you are making. Column C shows the corrected figures. There is also an area on the back of the form where you should explain the specific changes and the reasons for the changes.

6. Other forms or schedules.  If the changes involve other tax schedules or forms, attach them to the Form 1040X. Failure to do this will cause a delay in processing.

7. Amending to claim an additional refund.  If you’re expecting a refund from your original tax return, don’t file your amended return until after you have received that refund. You may cash the refund check from your original return. The IRS will send you any additional refund you are owed.

8. Amending to pay additional tax.  If you’re filing an amended tax return because you owe additional tax, you should file Form 1040X and pay the tax as soon as possible to limit any interest and penalty charges.

9. When to file.  To claim a refund, you generally must file Form 1040X within three years from the date you filed your original tax return or within two years from the date you paid the tax, whichever is later.

10. Processing time.  Normal processing time for amended returns is 8 to 12 weeks.

Please feel free to call Tax On Wheels, LLC at 803 732-4288 if you need assistance with an amended return.

IRS Offers Tips on How to Fix Errors Made on Your Tax Return

If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return:

1. When to amend a return Generally, you should file an amended return if your filing status, number of dependents, total income, tax deductions or tax credits were reported incorrectly or omitted.  Additional reasons for amending a return are listed in the instructions.

2. When NOT to amend a return In some cases, you do not need to amend your tax return.  The IRS usually corrects math errors or requests missing forms – such as Forms W-2 or schedules – when processing an original return.  In these instances, do not amend your return.

3. Form to use Use Form 1040X, Amended U.S. Individual Income Tax Return, to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ.  Make sure you check the box for the year of the return you are amending on the Form 1040X.  An amended tax return cannot be filed electronically.

4. Multiple amended returns If you are amending more than one year’s tax return, prepare a separate 1040X for each return and mail them in separate envelopes to the appropriate IRS processing center (see “Where to File” in the instructions for Form 1040X).

5. Form 1040X The Form 1040X has three columns. Column A shows original figures from the original return. Column B shown the changes you are making.   Column C shows the corrected figures. There is an area on the back of the form to explain the specific changes and the reasons for the changes.

6. Other forms or schedules If the changes involve other schedules or forms, attach them to the Form 1040X.  Failure to do this will cause a delay in processing.

7. Additional refund If you are amending your return to get an additional refund, wait until you have received your original refund before filing Form 1040X.  You may cash that check while waiting for any additional refund.

8. Additional tax If you owe additional tax, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges.

9. When to file Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original tax return or within two years from the date you paid the tax, whichever is later.

10. Processing time Normal processing time for amended returns is 8 to 12 weeks.

Please call Tax On Wheels, LLC at 803 732-4288 if we can help you with this or any other tax issues.

Amended Returns: Eight Facts

If you discover an error on your federal income tax return after you e-filed or mailed it, you may want or need to amend your return. Perhaps you are eligible for a deduction or credit and you missed it the first time?

Here are eight key points the IRS wants you to know about when considering whether to file an amended federal income tax return.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return.

2. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. An amended return cannot be e-filed; you must file it by paper.

3. Generally, you do not need to file an amended return to correct math errors. The IRS will automatically make that correction. Also, do not file an amended return because you forgot to attach tax forms such as W-2s or schedules. The IRS normally will send a request asking for those.

4. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.

5. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list the addresses for the campuses.

6. If the changes involve another schedule or form, you must attach that schedule or form to the amended return.

7. If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.

8. If you owe additional 2011 tax, file Form 1040X and pay the tax before the due date to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.

Call Tax On Wheels, LLC at 803 732-4288 if have questions about amending a tax return.