10 Facts About Amending your Tax Return

When dealing with taxes – as with
everything else in life – people make mistakes. So, the IRS has
made it possible to correct your mistakes if they’re made on your
tax return.

If you discover an error after you’ve filed your tax return, you
can correct it by filing an amended return. To help you decide if
you need to amend your return, the IRS has published a
helpful list of facts:

1. When should I amend a return? You should file
   an amended return if your filing status, dependents, total income
   or deductions/credits were reported incorrectly.
2. When should I NOT amend my return? If you made
   a math mistake in figuring your taxes or forgot to include a form
   (such as a W-2 or a schedule), the IRS usually corrects the math
   mistakes and will simply request the missing form from you. In this
   case, no amended return is necessary.
3. What form do I use to amend my return? You
   should use Form 1040X, Amended U.S. Individual Income Tax Return,
   to amend your filed Form 1040, 1040A or 1040EZ. Remember to check
   the box for the year of the return you’re amending on the 1040X.
   You’ll also have to mail in your amended return – they can’t be
   e-filed.
4. What if I’m amending more than one return?
   Prepare a 1040X for each return, and mail them in separate
   envelopes to the appropriate IRS processing center.
5. What do I need on Form 1040X? The form has
   three columns. Column A shows original figures from the original
   return (if the return was previously amended or adjusted by
   the IRS, use the adjusted figures). Column C shows the
   corrected figures. The difference between the two columns is shown
   in Column B. You can explain the specific changes and the reason
   for the changes in an area on the back of the form.
6. What if I need other forms or schedules? If
   your changes require other schedules or forms, you can attach
   them  to your 1040X.
7. What if I need to file to claim an additional
   refund? If filing to claim an additional refund, you
   should wait until you have received your original refund before
   filing Form 1040X. You can cash that check while waiting on your
   additional refund.
8. Should I use 1040X to pay additional tax? Yes.
   File your 1040X and pay the tax as soon as possible to limit
   interest and penalty charges.
9. How long to I have to file an amended return?
   As a rule, you must file your 1040X within three years from the
   date your filed your return, or two years from the date you paid
   the tax, whichever is later.
10. 10.  How long does it take to get an amended
    return processed? Normally, amended returns will be
    processed in 8 to 12 weeks.

For more information on amending a return, check out www.irs.gov,
download Form 1040-X and the instructions. You can also call the IRS at
1-800-TAX-FORM (1-800-829-3676).