Friday, May 3, 2013

Fast Facts On Filing An Amended Tax Return:Tax Tip

If you file your tax return and later find a mistake, what should you do? It depends, but you may need to file an amended return. If so, here are some important facts you should know.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return. An amended return cannot be filed electronically. It must be filed on paper.

2. If the mistake involves filing status, income, deductions or credits, you should file an amended return.

3. If the mistake involves an error in math you do not need to file an amended return. The IRS will make the changes for you. Also, if you simply forgot to attach a W-2 or a schedule, you do not need to file an amended return. If this is the case the IRS will request the missing documents from you.

4. If you do need to file an amended return, it generally needs to be done within three years of the date you filed your original return or within two years of the date you paid the tax, whichever is later.

5. If you need to file multiple amended returns each will need its own 1040X. The mailing instructions are included in the 1040X instructions.

6. If you’re expecting a refund wait until you get it before filing an amended return. It can take up to 12 weeks to process an amended return. In the meantime, if you should receive your refund check, go ahead and cash it.

7. If you expect to owe additional taxes file the amended return and pay the tax as soon as possible to minimize penalties and interest.

8. You can track the status of your amended return by using the tool, “Where’s My Amended Return” found on the IRS website or when you call 866-464-2050. You can track the status of an amended return for up to three prior years. However, you need to wait three weeks after filing before you begin tracking it.

9. If you need to use the IRS tool “Where’s My Amended Return” you’ll need to provide the following information: taxpayer identification number (for individuals this is usually your Social Security number), your date of birth and your zip code.

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