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Tax Day has passed, but if you’ve spotted a mistake on your return, you may face some additional tasks. Fortunately, correcting your return through an amendment is fairly straightforward. Here’s what you need to know about the process.
To fix a mistake on your federal return, you’ll need to complete Form 1040X. Additionally, there are several key details to remember during this process.
If It’s a Minor Error, the IRS Will Likely Reach Out to You
In case you made a calculation error or forgot to attach a form, the IRS is likely to detect it and send you a notice. In this situation, you won’t need to worry about filing an amendment.
There are some situations where the IRS recommends filing an amendment, such as when claiming deductions or credits. For further details, refer to the instructions on Form 1040X.
Your Amended Return Must Be Submitted by Mail
You will need to complete Form 1040X on paper and send it to the IRS by mail. TaxSlayer provides instructions on where to send the form, depending on your location.
You Have Up to Three Years to Submit Your Amendment
Generally, you have three years to file a correction using Form 1040X. As per the IRS, 'You can also submit it within two years from the date you paid the tax, if that date is later than the three-year period.'
Wait for Your Refund Before Filing Your Amendment
The IRS recommends waiting until you receive your original refund before submitting your amendment. You may also cash the refund check. Keep in mind that processing your amended return and any additional refund could take up to 12 weeks.
However, if your amendment results in additional taxes owed, the IRS advises you to file and pay the extra amount promptly to avoid any interest or penalties.
Form 1040X contains further instructions to guide you through the amendment process. For more details, you can visit the link provided below.
