While many believe that taxes are a “put it and forget it” activity, this is not the case. If you discover errors or omitted data on your original return, you can file an amended version of your federal return using Form 1040X: Amended Tax Return.Using an updated return, believe it or not, can result in significant benefits such as:
- Using a Tax Credit
- Taking a previously overlooked deduction
- Withholding and reporting of additional income
Indeed, by submitting the 1040X form for an updated return, you may:
- Receive a bonus refund; or
- As a result of the revision, you owe more taxes.
If you owe money to the IRS, mail it along with the 1040X tax form. The IRS will bill you if you owe interest or a penalty. If you are due a refund, the IRS may send it to you once your updated return is accepted.
What to check for when filing Form 1040X
You should review the total original return when you alter a return for a particular reason. Look for anything you might have overlooked the first time around, such as:
- Deductions
- Credits
- Withholding
- Exemptions
- Income
When you do this, you may owe less money or receive a larger refund.
Who can file an amended tax return with Form 1040X?
You could adjust your taxes if you have completed the original tax return, a 1040 form, or a 1040SR.
Do you need to file a tax amendment? Look for help
Our introductory tax consultation is entirely free. We can help you if you are confused and need to make a tax revision – even if it is the last day to file taxes. Make an appointment to see your local Barron Income office to restate your concerns.
