Amending Your Tax Return with the IRS: A Complete Guide
Filing your tax return can be a daunting task, especially for those who are unaware of the process. Oftentimes, errors are made in the preparation of a tax return, leading to incorrect submissions. In the United States, tax declarations to the Internal Revenue Service (IRS) are made annually from January to April. However, the IRS offers a chance to make any necessary corrections with the Amended Return process.
What is an Amended Return?
An Amended Return is a process offered by the IRS to make corrections to your tax return. It is applicable to all natural persons who need to make corrections to their tax return, and it is done electronically using Form 1040-X, which is known as the Amended United States Personal Income Tax Return. The IRS allows you to correct Forms 1040 (SP) or 1040 -SR (SP) of 2020, 2021, or 2022.
How to File an Amended Return
Filling out an Amended Return can be confusing, but tax software products are provided to make it easier. Moreover, the IRS also offers a free app called Where’s My Amended Return?, which allows you to view your Amended Return status. You may also call the IRS at 866-464-2050 to inquire about your Amended Return status. You can follow-up three weeks after filing your return, and communication can be done in Spanish or English.
When to File an Amended Return
If you have made an error on your tax return, you have the option to amend it with form 1040-X or use form 1045, also known as a Tentative Refund Request. Using form 1045 will result in a faster refund. However, to receive a refund from the IRS, you must amend your return within three years, including extensions, after the date it was filed, or within two years following the day the tax was paid.
In conclusion, filing a tax return can be time-consuming and complicated, particularly when it comes to making corrections to an already-filed return. By utilizing an Amended Return, you can remedy any errors you may have made, which will ensure that your tax return is correct, and avoid any unnecessary penalties or fines.
