What exactly are the amending tax returns? Now, this is one question a lot of individuals and small business owners have. Mistakes happen everywhere. No one is exempt from it. Did you commit an error when filing your tax returns? Sometimes, mistakes happen when you find a meaningful tax document later after submitting the returns.
No matter what might be your case, do not panic or fear. It would be best if you planned on submitting an amended return. It will solve the issue. There are so many reasons you can submit the amended return apart from those mentioned above.
For example, you can submit amending tax returns in any of the following situations:
- Changing the filing status
- Changing your dependants
- Correcting the income provided
- Modifying tax credits or deductions
- Fix math errors that are on the form
Here are some tips that you must follow when you are submitting a tax return:
Complete and Submit Form 1040X
You need to duly fill Form 1040X, which is nothing but the Amended U.S. Individual Income Tax Return. Once you fill in the form, you need to mail it to the address that they mention on the form. There is no way to file an amended tax return form.
The form that you fill will have the details of the address where you can submit the post. If IRS sent you an email, you might want to check the document to see where you should submit Form 1040X.
Use Separate Forms
If you correct the tax returns of more than one year, keep in mind that you have to submit the 1040X form separately for each year. Even when you are mailing these forms, make sure that you are placing them in separate envelopes. This way, they reach correctly. You might get a refund properly.
Pay Taxes Soon
When you are preparing the form 1040X, you will know if you have to pay any additional amount towards taxes. If yes, try to pay the taxes as soon as possible instead of delaying it. Return the refund check if you know that you owe some amount to the IRS. It is one way you can limit the penalty and the interest charges.
File Within the Three Years
If you are eligible for a refund, take your time to submit the amended forms as soon as possible. You only have a three-year time limit to do this task. Usually, the last date to submit it should be April 15. Sometimes, IRS can change the tax day deadline. Follow their newsroom to check the deadline.
Track the Status
Lastly, you must take the time to check the status of the amending tax returns. Usually, you can track this information three weeks after posting the mail. IRS can take up to 16 weeks before they process it. Hence, you must have patience.
If all of this confusing to you, take your time to work with a professional tax preparer. Experienced tax preparers will better assist you with these things.