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 Contact Us
Jefferson Tax Relief
2748 North Lincoln Avenue Suite #2
Chicago, IL 60614
316-422-7865 |
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| Filing Amended Tax Returns |
| There a handful of individuals each tax season who finish their returns, ship them off in
the mail, and take a sigh of relief until next year when they have to file again. And then,
all of a sudden, two days later after reviewing certain tax documents, the person realizes
they made a mistake! At this point, the immediate question that comes to mind is, “What
should I do!?” For many, the thought of being audited by the IRS is scary enough, and
now after filing a tax return that is either inaccurate or missing necessary information,
that thought becomes even more so frightening. While this is understandable, it is also
necessary to recognize that every taxpayer has the right to file an amended tax return with
the IRS if such a situation arises. |
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| The Form 1040 X is referred to as the Amended US Individual Income Tax Return form,
and needs to be filled out and mailed in to the appropriate Internal Revenue Service
Center, which depends on the location of the taxpayer. The amended form must be
completed and mailed in with a new Form 1040 and any necessary Schedules or
documents requested (depending on what you are amending). Unlike original tax returns,
any amended return must be filed on paper, an not electronically. In addition, all amended
returns must be filed within 3 years of the date that the original return was due, including
any extensions granted to the taxpayer by the IRS. If the taxpayer has an outstanding
balance from past returns, they will not qualify to file an amended tax return until it is
paid in full. After the balance has been paid off, the taxpayer would have 2 years from the
time the debt was paid to make any amendments and file them with the appropriate IRS
Center in their area. |
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| It is necessary, before preparing and filing an amended tax return, that you understand it
is not necessary to do so if the error or inaccuracy is mathematical. The IRS computer
data base has the ability to correct all mathematical mistakes, rendering the filing of an
amended return for such purposes absolutely useless. There exist, however, many reasons
for a taxpayer to file a Form 1040 X: |
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1) If the taxpayer must change their filing status. For example, if the taxpayer
wishes to file a “joint” tax return as opposed to a separate return for that year in question.
Note: If you filed a joint return, you cannot then file an amended return that is separate
from your spouse.
2) If the taxpayer needs to claim additional dependents independent from the
dependents claimed on the original tax return.
3) If the taxpayer must remove dependents that were claimed on the original tax
return.
4) If the taxpayer wishes to recalculate any tax credits that are owed.
5) If the taxpayer wishes to alter any personal exemptions reported on the original
tax return.
6) If the taxpayer wishes to report any additional sources of income that were not
reporter on the original tax return (if so, it will be necessary to include with the Form
1040 X a W2, 1099, or other financial income statement).
7) If the taxpayer wishes to alter and deductions, whether they be standard
deductions, itemized deductions, or above-the-line deductions.
8) If the taxpayer wishes to claim tax credits that were not claimed on the original
tax return.
9) If the taxpayer wishes to report additional withholdings, either from a W2 or
1099 Form. |
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| Filing an amended tax return may be advantageous depending on the individual’s
circumstances. For instances, an individual who forgot to claim a particular deduction
may pay less taxes by filing the amended return with the proper deduction made.
However, if you realize that the mistake made on the original tax return worked in your
benefit, it is also important to make sure you file a Form 1040 X as well. While the
chances of being audited by the IRS are extremely slim, if that were to happen and they
discovered you willingly submitted an inaccurate tax return to benefit financially, the
consequences could be extreme. |
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| If you are a taxpayer who needs help with preparing and filing an amended tax return, do
not hesitate to contact a tax professional, such as a Certified Public Accountant (CPA),
tax attorney, or Enrolled Agent to help you do so successfully. |
Go Back
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Learn about Installment Agreements, how to submit an offer for an Installment Agreement, and who is likely to qualify for an Installment agreement with the IRS to pay off their tax debt.