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10 Tax Tips Regarding Amended Returns

Contributed by Elite Bookkeeping & Tax Services

If you made a mistake on your tax return, don’t panic. We can help you with filing an amended return if you need to fix any errors. You can also amend your tax return if you forgot to claim a tax credit or deduction. Here are ten tips from the IRS if you need to amend your federal tax return.

1. When to amend. 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 you did not claim when you filed your original return.

Note: If, as allowed by recent legislation, you plan to amend your tax year 2014 return to retroactively claim the Health Coverage Tax Credit, contact our office first for more information.

2. When NOT to amend. In some cases, you don’t need to amend your return. The IRS usually corrects math errors when processing your original return. If you didn’t include a required form or schedule, the IRS will send you a notice via U.S. mail about the missing item.

3. Form 1040X. This form is used to amend a federal income tax return that you filed before. Since amended returned may not be filed electronically, this form must be filled out and mailed to the IRS.

4. More than one year. If filing an amended return for more than one year, a separate form for each year is required. They should not be mailed together.

5. Other forms or schedules. If your changes have to do with other tax forms or schedules, they’ll need to be attached to Form 1040X to prevent delays in processing.

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02-09-15 | Comments Off on 10 Tax Tips Regarding Amended Returns comments | in blog, News

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