Readers ask: What is an amended tax return?

Is it bad to file an amended tax return?

If so—don’t be. Amending a return is not unusual and it doesn’t raise any red flags with the IRS. In fact, the IRS doesn’t want you to overpay or underpay your taxes because of mistakes you make on the original return you file.

What are reasons for amending a tax return?

You should amend your tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return.

How does an amended tax return work?

The IRS generally allows you to file an amended tax return to correct your filing status, the number of dependents you claim, your gross income and to increase or decrease the number of deductions and credits you report on your original tax return.

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Is there a fee for filing an amended tax return?

No, it does not cost money to amend your taxes. Just remember that you can only amend taxes as far as 3 years back. And know that all amended taxes have to mailed. 2.In the 2016 tax year section, click amend (change) return.

Why does my amended tax return say $0?

If you were getting a refund by claiming yourself you probably have to pay some back when you change to be a dependent. The zero on the amended return should mean no change from the first return, not that your refund changed to zero.

Does amending a tax return delay refund?

Amending your tax return

Amended returns are ineligible for e-filing and must be mailed to the IRS. Processing for an amendment takes an estimated eight to 12 weeks from the date the IRS receives the return. Amending won’t affect your original refund, of course.

What happens if I don’t amend my tax return?

Interest is charged on any tax not paid by the due date of the original return, without regard to extensions. The IRS will compute the interest and send you a bill if you don’t include it.

Should I amend my tax return for a small amount?

Generally, if the original return understated your tax bill by only a small amount, your tax advisor will recommend that you amend your return and pay the additional taxes, interest and penalties as soon as possible. For larger understatements, let your tax advisor take the reins.

How long do you have to amend a tax return?

You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.

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How do I know if my amended tax return was accepted?

  1. How can I check the status of my amended return?
  2. You can check the status of your Form 1040-X, Amended U.S. Individual Income Tax Return using the Where’s My Amended Return? online tool or by calling the toll-free telephone number 866-464-2050 three weeks after you file your amended return.

Do amended returns get audited?

Amending your return will likely not result in an audit unless there is a substantial change in your taxable income without a reasonable cause. Of course, you’re more likely to be audited if you claim the IRS owes you money, rather than the other way around. File the proper form, usually IRS Form 1040X.

What do I send with 1040X?

Include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.

  1. Include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.
  2. Allow the IRS up to 16 weeks to process the amended return.”

Will my amended return be direct deposited?

Can a Form 8888 Allocation of Refund (Including Savings Bond Purchases) be filed with an Amended Return? Page 2 of the Form 8888 Instructions states “Don’t attach Form 8888 to Form 1040-X. A refund on an amended return can‘t be directly deposited to an account or used to buy savings bonds.”

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