10 Tips on how to Amend your Tax Returns and Fix Filing Errors

Amend your Tax Returns

Worried and Flummoxed over errors in filing your tax returns with the IRS. Don’t be. You can still go ahead and amend your returns. Below are top 10 tips from the IRS that you can do to amend your tax returns –

  1. Do you really need to amend and when? – You should amend your tax return if there were errors in the filing information: viz- Total earnings, income related information, information regarding non-earning members etc. Amendments should also be filed with the IRS to claim tax credits, deductions which the filer might have missed during original return filing. Refer Form 1040X from the IRS; it showcases many other reasons that are eligible for amendments. 
  1. You should not file an amendment – This is why? – If you have committed calculation mistake, in most cases don’t worry – IRS will take care of the incorrect math part. Also, if for filing you have used incorrect forms or time periods – IRS will send you the intimation with the correction required.
  1. Which Form should you use for filing? – You should use Form 1040X to make amendments on the federal tax return that you filed earlier. While doing so, be sure to mark the appropriate year at the very top of the Form denoting the year of the amendment. Also, please note that you cannot e-File 1040X amendments; you could fill in the Form paper and send it to IRS by mail. 
  1. Amendments for more than one year – If you are making amendments to more than one year of tax information filing, be sure to use separate Forms for each year and mail them individually to the IRS for processing. 
  1. Form 1040X – What is it anyways? – Form 1040X has three columns namely A, B, and C each serving specific purposes. While column A is used to mark the original return value that was incorrect, column B is used to denote clearly the net increase or decrease of the amount. And finally, column C is used to show the new/corrected amount. 
  1. What about other Forms and Schedules? – Simply put, if your changes involve other Forms and Schedules, please attach those Forms along with Form 1040X at the time of filing the amendments. If you miss out attaching, it would result in processing delays. 
  1. Waiting for the refund from original tax return? – This is what you should do – For all the cases of additional refund which is based on the amendment of the original returns filing, please wait till you receive the original refund. You may no doubt go ahead and cash the original refund check. 
  1. I have additional tax to pay – Post amendment – How to do it? – If you have additional taxes to pay to the IRS based on the original return amendments, it is highly advised that you file in Form 1040X and pay away the additional amount as soon as possible. It would wave off any accruing interests or penalty. 
  1. When is the best to file for a refund? – You should file Form 1040X within three years’ from the date of original tax filing if you want to claim a refund or within two years from the date of paying your taxes. 
  1. I did make amendments – But I don’t know what happened – For tracking information about your amended tax returns – you may use the tool from IRS (Where’s my Amended Return?) You may also call up at 866-464-2050 and know the status telephonically.

 You may also call 800.444.9922 (toll-free) or email us at support@checkmark.com if you have queries, we would be more than happy to help you.