Did you file your taxes on time but just realized that your return has errors or is missing information? Then you may need to file an amended return. Keep reading to learn everything about amended returns, from what they are to how to file one.
What Is an Amended Tax Return?
An amended tax return is a return you file to correct an error or omission included in the return you filed previously.
While the basic principle is simple, not all errors and omissions merit filing an amended return, as we’ll see in the next section.
When Should I File an Amended Return?
The IRS recommends filing an amended return only in certain situations. For example, you are NOT usually required to file an amended return to correct math errors or if you forgot to include a schedule or a form with your original return.
In the scenarios described above, the IRS usually corrects math errors and then notifies you by mail. When it comes to schedules and forms, the agency will send you a letter requesting any missing documents.
On the other hand, there are some cases where you are expected to file an amended tax return. This includes all the errors related to your filing status, income, deductions, and credits.
However, keep in mind that if you are expecting a refund, you should not file an amended return before the original return has been processed.
How to File an Amended Return?
If you need to file an amended tax return, you can submit Form 1040-X electronically. If you need assistance with this or any other tax topic, don’t hesitate to seek the assistance of a professional who can offer guidance and advice.
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