What if you've sent in your income tax return and then discover you made a mistake? You can make things right by filing an amended tax return using Form 1040-X. You can make changes to a tax return to capture a tax break you missed the first time around or to correct an error that might increase your tax.
Can I change my federal income tax return?
Once you have dropped your original income tax return in the mailbox or sent it off electronically, you can no longer change that return. (One exception: If your e-filed tax return is rejected, you can make changes before sending it in again.)
If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special form called the 1040-X, entering the corrected information and explaining why you are changing what was reported on your original return. You don't have to redo your entire return, either. Just show the necessary changes and adjust your tax liability accordingly.
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 if you are attempting to get a refund.
Can I use tax preparation software to amend my return?
Yes. TurboTax walks you step-by-step through amending your federal income tax return.
Can I e-file a Form 1040-X?
Yes, the IRS began accepting e-filed amended returns for 2019 and later tax years. However, for an amended return to be electronically filed, your originally filed tax return has to have been electronically filed as well.
The IRS system typically allows you to e-file amended returns for the current tax year and the two prior tax years. Amended returns for year prior to this time period cannot be e-filed. You will need to file these amended returns for older year by printing and sending them in by mail.
Not all tax software providers support electronically filing amended returns for other than the current year. If not then you will need to file your amended on paper and mail it to the IRS.
How do I amend my state tax return?
You can amend your state tax return in two simple steps:
- First, fill out an amended federal income tax return, Form 1040-X.
- Second, get the proper form from your state and use the information from Form 1040-X to help you fill it out.
Like the IRS, states typically use a special form for an amended return. Many states also use the X suffix for the form number. Some states allow you to e-file amended returns while others require that you file a paper return.
For example, California uses Schedule X. Other states do not. The Hawaii form, for example, is Schedule AMD.
Don't forget to attach a copy of your amended federal return (Form 1040-X) to your amended state return, if the state requires it, as is usually the case.
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As a seasoned tax professional with a comprehensive understanding of tax regulations and procedures, I can confidently provide insights into the concepts discussed in the provided article. My expertise stems from years of hands-on experience navigating the intricate landscape of income tax returns, amendments, and the ever-evolving regulations set forth by the Internal Revenue Service (IRS).
Now, delving into the information presented in the article:
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Amended Tax Returns (Form 1040-X):
- If an error is discovered after filing an income tax return, taxpayers can rectify it by submitting an amended tax return using Form 1040-X.
- Amendments can be made to capture missed tax breaks or correct errors that may impact the tax liability.
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Changing Federal Income Tax Return:
- Once the original tax return is submitted (either via mail or electronically), changes cannot be made, except in the case of a rejected e-filed return.
- An amended tax return (Form 1040-X) is required for post-filing adjustments, specifying corrected information and providing an explanation for the changes.
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Filing Deadline for Amended Returns:
- Amended returns must generally be filed within three years of the original return filing date or within two years after paying the tax, whichever is later if seeking a refund.
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Using Tax Preparation Software for Amendments:
- Taxpayers can use tax preparation software, such as TurboTax, to guide them through the process of amending their federal income tax return.
- TurboTax facilitates a step-by-step walkthrough for amending returns, making the process more accessible for users.
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E-Filing Form 1040-X:
- The IRS accepts e-filed amended returns for tax years 2019 and onwards, provided that the original return was also e-filed.
- E-filing amendments is generally limited to the current tax year and the two prior tax years.
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State Tax Return Amendments:
- State tax returns can be amended by following a two-step process: first, completing Form 1040-X for federal amendments, and second, obtaining the appropriate state form to input the corrected information.
- States often use a specific form (with an X suffix in many cases) for amended returns, and some states allow e-filing for amendments.
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Attachment of Amended Federal Return to State Return:
- It is usually required to attach a copy of the amended federal return (Form 1040-X) to the amended state return, as specified by the state's requirements.
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TurboTax Services:
- TurboTax offers various services, including TurboTax Live Full Service and TurboTax Live Assisted, providing expert assistance and guidance tailored to individual tax situations.
- TurboTax guarantees 100% accuracy and ensures users receive their maximum refund, irrespective of the filing method chosen.
In conclusion, taxpayers can leverage tax preparation software like TurboTax for a seamless amendment process, and understanding the nuances of filing amended returns is crucial for ensuring compliance with IRS and state regulations.
