When a mistake is made on a tax return, the IRS allows taxpayers to correct errors and omissions by filing an amended return.
Why Would You Need To Amend A Tax Return?
Common reasons include:
- Reporting income that was missed on the original return
- Correcting an incorrect filing status
- Adjusting deductions and credits
- Fixing factual errors or omitted schedules
(Note: simple math errors are usually corrected by the IRS; an amendment isn’t required for those.)
WHAT YOU NEED TO KNOW ABOUT AMENDING A TAX RETURN
WHAT IS THE PROCESS?
Use Form 1040 X to file an amendment. The IRS allows e-filing for the current and two prior years (older years are filed by paper). Your amendment should include:
- A clear explanation of each change
- Any supporting schedules/forms
- Payment of any additional tax and interest (if applicable)
ARE THERE LIMITS ON AMENDING A TAX RETURN?
Generally, to claim a refund or credit, you must file within:
- Three years of the original filing date, or
- Two years from the date you paid the tax, whichever is later.
Special rules apply in some situations. It’s best to correct errors early to limit penalties, interest, and future complications.
ENSURE ACCURACY AND AVOID PENALTIES
If you think your return needs amending, speak with us today to ensure your record is accurate and compliant.
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We will assist you to stay compliant with FBAR rules and deadlines including fixing missed filings to avoid costly penalties.
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NEED TO AMEND YOUR TAX RETURN?
Our experienced CPAs will review your situation and lodge any amendments as required.
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