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An amended tax
return generally allows you to file again to correct your filing
status, your income or to add deductions or credits you may have
missed.
Here are nine points
to know about amending your federal income tax return.
1. Use Form
1040X, Amended U.S. Individual Income Tax Return, to file an
amended income tax return.
2. Use Form
1040X to correct previously filed Forms 1040, 1040A or 1040EZ.
An amended return cannot be filed electronically, thus you
must file it by paper.
3. Generally,
you do not need to file an amended return due to math errors.
The IRS will automatically make that correction. Also, do not
file an amended return because you forgot to attach tax forms
such as W-2s or schedules. The IRS normally will send a request
asking for those.
4. Be sure to
enter the year of the return you are amending at the top of Form
1040X. Generally, you must file Form 1040X within three
years from the date you filed your original return or within two
years from the date you paid the tax, whichever is
later.
5. If you are
amending more than one tax return, prepare a 1040X for
each return and mail them in separate envelopes to the
appropriate IRS campus. The 1040X instructions list the
addresses for the campuses.
6. If the
changes involve another schedule or form, you must attach that
schedule or form to the amended return.
7. If you are
filing to claim an additional refund, wait until you have
received your original refund before filing Form 1040X. You may
cash that check while waiting for any additional refund.
8. If you owe
additional tax for the current year (e.g., 2010), file Form
1040X and pay the tax before the due date to limit interest and
penalty charges that could accrue on your account. Interest is
charged on any tax not paid by the due date of the original
return, without regard to extensions.
9. Form 1040X
was recently redesigned. Previously the form consisted of three
columns; Column A-Original amount, Column B-Net change, and
Column C-Correct amount. The redesigned form now has just one
column where the Correct Amount is the only figure entered,
making it easier to make changes to previously filed returns.
Most states with a
state income tax statute require filing an amended state tax
return whenever you file an amended Federal tax return.
Further, if your Federal return is every audited and changed,
you generally are required to file an amended State tax return
within a specified time frame. For California, the amended
return is due six (6) months following the final Federal
determination.
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