10 Tips on How to File an Amended Tax Return

Amend your Tax Returns

Worried over errors in filing your amended tax return with the IRS? Don’t be because you can still go ahead and amend your returns. Below are the top 10 tax tips on amended tax returns and fixing filing errors with the IRS:

  1. Do you really need to amend and when? – You should amend your tax return if there were errors in the filing information – total earnings, income-related information, information regarding non-earning members, etc. Amendments should also be filed with the IRS to claim tax credits and deductions that the filer might have missed during the original return filing. Refer to Form 1040X from the IRS; it showcases many other reasons that are eligible for amendments.
  1. You should not file an amendment – This is why? – If you have committed a calculation mistake, in most cases don’t worry – IRS will take care of the incorrect math part. Or, if you have used incorrect forms or time periods for filing, IRS will send you the intimation with the required correction.
  1. Which Form should you use for filing? – You should use Form 1040X to make amendments to the federal tax return that you filed earlier. While doing so, be sure to mark the appropriate year at the very top of the Form denoting the year of the amendment. You can now file Form 1040-X electronically with tax filing software to amend 2019 or later Forms 1040 and 1040-SR, and 2021 or later Forms 1040-NR. For more details, You can see June 2022 news release on this topic; you can also paper file the amended tax returns to the IRS by mail.
  1. Amendments for more than one year – If you are making amendments to more than one year of tax information filing, be sure to use separate Forms for each year and mail them individually to the IRS for processing. 
  1. Form 1040X – What is it anyways? – Form 1040X has three columns namely A, B, and C each serving specific purposes. While column A is used to mark the original return value that was incorrect, column B is used to denote clearly the net increase or decrease of the amount. And finally, column C is used to show the new/corrected amount. 
  1. What about other Forms and Schedules? – Simply put, if your changes involve other Forms and Schedules, please attach those Forms along with Form 1040X when filing the amendments. If you miss out on attaching corresponding forms, it would result in delay in processing.
  1. Are you waiting for the refund from the original tax return? – This is what you should do – For all the cases of additional refund which is based on the amendment of the original return’s filing, please wait till you receive the original refund. You may go ahead and cash the original refund check.
  1. I have additional tax to pay – Post amendment – How to do it? – If you have additional taxes to pay to the IRS based on the original return amendments, it is highly advised that you file in Form 1040X and pay away the additional amount as soon as possible. It would wave off any accruing interests or penalty. 
  1. When is the best to file for a refund? – You should file Form 1040X within three years’ from the date of original tax filing if you want to claim a refund or within two years from the date of paying your taxes. 
  1. I did make amendments – But I don’t know what happened – For tracking information about your amended tax returns – you may use the tool from IRS (Where’s my Amended Return?) You may also call up at 866-464-2050 and know the status telephonically.

 You may also call 800.444.9922 (toll-free) or email us at support@checkmark.com if you have queries, we would be more than happy to help you.

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