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Amended Income Tax Return: Why You’d File One and How to Do It

Every tax season, you file your return with the IRS and, when you’re anticipating a refund, you wait in your cash. However when you missed including one thing to your tax return, say, or modified your submitting standing, chances are you’ll need to file an amended revenue tax return to inform the IRS of the change.

This story is a part of Taxes 2024, CNET’s protection of one of the best tax software program, tax ideas and every part else it is advisable file your return and observe your refund.

The IRS mentioned it could appropriate sure errors on a return and it could settle for returns when you neglect to incorporate sure required varieties or schedules. But when there is a change in your submitting standing, revenue, deductions, credit, or tax legal responsibility, you will need to ship in an amended return.

This is what it is advisable find out about submitting an amended return. For extra on this tax season, take a look at one of the best tax software program for 2024, our cheat sheet for submitting your taxes this 12 months and every part to know concerning the baby tax credit score in 2024. 

Amended tax varieties: What they’re and when it is advisable file one

An amended tax type — formally referred to as Form 1040-X, Amended US Individual Income Tax Return — is used to appropriate tax varieties 1040, 1040-A, 1040-EZ, 1040-NR or 1040-NR EZ. You’ll file an amended return to appropriate any errors in your return. 

For instance, if there is a change in your submitting standing, revenue, deductions, credit or tax legal responsibility, you would possibly need to file an amended type. 

If you happen to owe the IRS further taxes and the due date for submitting the return has not handed, you’ll be able to keep away from paying the IRS penalties and curiosity when you file Type 1040-X and pay the additional quantity.. An instance may very well be when you forgot to say revenue (like from Type W-2 or 1099), otherwise you received a corrected data assertion with totally different revenue or withholding quantities. 

When would I have to file an amended tax type? 

Typically, to say a refund, it’s a must to file Type 1040-X inside three years after the date you filed your unique return, or inside two years of the date you paid the tax — whichever is later, according to the IRS. There are particular guidelines, nevertheless, for refund claims associated to web working losses, international tax credit, unhealthy money owed and different points. 

How do you file an amended tax type, if wanted? 

You possibly can submit Type 1040-X electronically utilizing most tax software program choices in the marketplace. Or you’ll be able to submit a paper model. Discover a full list of instructions from the IRS here. And word that when you make a change to your federal tax return, you might also want to vary your state return, too. 

Is submitting an amended tax type free? 

It relies upon. Some tax preparation software program will allow you to amend your return free of charge, however some have prices. Be sure to learn the nice print earlier than you get began. If you happen to use the IRS paperwork, you must solely have to pay to print the shape and for postage. 

How will the IRS course of your amended return?

You possibly can observe the standing of your Type 1040-X for this 12 months and as much as three years prior utilizing the IRS’s online tool, or by calling the IRS at 866-464-2050 (although the IRS advises you to not name). To trace it, you will have to enter your Social Safety quantity, date of start and ZIP or postal code. Nevertheless, word that it’s going to take as much as three weeks after you mail it to point out up within the system, and processing can take as much as 16 weeks. 

For extra tax ideas, here is learn how to discover out whenever you’ll get your 2024 tax refund and the quickest technique to get your 2024 tax refund. 

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