An amended tax return is a form that is filed to correct errors or make changes to a previously filed tax return.
Taxpayers may need to file an amended return if they discover that they made mistakes, such as failing to report income, claiming deductions or credits incorrectly, or making other errors that affect the amount of tax owed or the amount of refund due.
The amended tax return is filed using Form 1040-X, which is available on the Internal Revenue Service (IRS) website.
The form requires the taxpayer to provide information about the original return, the changes being made, and the reasons for the changes. The taxpayer must also attach any necessary documents, such as new schedules or forms, to support the changes being made.
What happens if you amend your tax return?
There are a few reasons why a taxpayer may need to file an amended tax return. For example, they may have received additional income that was not included on the original return, or they may have discovered that they were eligible for additional deductions or credits. In some cases, a taxpayer may need to file an amended return if the IRS sends them a notice or correction indicating that there was an error on their original return.
It’s important to note that there are time limits for filing an amended tax return. Generally, taxpayers have three years from the date they filed the original return or two years from the date they paid the tax, whichever is later, to file an amended return. Failure to file an amended return within the time limit can result in penalties, interest, or the loss of certain tax benefits.
How long does it take to process an amended tax return?
After you amend a tax return, it can take up to 16 weeks for the IRS to process it and you should still receive the refund figured on the original return. Should this refund be larger, the IRS will send you the difference between the two figures.