Amend Tax Returns to Lower Tax Debt or Get a Refund!


Amend Tax Returns: Step by Step Guide

amend tax returns helpWe often wish there was a do-over button for our lives. That way we could go back and correct all of our mistakes. Unfortunately, life doesn't work like that. However, you sometimes have that option with your taxes. If you amend tax returns that were incorrectly completed, the do-over button is being put to good work. This page will help you decide if you should amend tax returns and show you how to do it.

Should You Amend Tax Returns?

You should amend tax returns for years that you made a mistake on your filing status, income, deductions, or credits. It is best to amend tax returns, even if you know that it will cause you to owe a tax debt. Eventually, the errors on your return will be found and it is better if you are the one that corrects them. If you simply made an error in your calculations, don't fret over it. The computers that process tax returns will correct those. You cannot amend tax returns to claim a refund for tax periods more than three years old.

How Do You Amend Tax Returns?

Before you amend tax returns, you need a Form 1040X and a copy of the tax return you are amending. If you do not have a copy, you can order a copy on the IRS website. If you plan to amend tax returns for separate years, you need a separate 1040X for each year.

On your 1040X, fill out the top portion with your name(s), social security number(s), filing status, and the year that you are amending. To amend tax returns, you must fill out the columns on the 1040X as follows:

  1. Fill in the amounts from your original tax return in Column A.
  2. Fill in the changes to original amounts in Column B.
  3. Add or subtract the changes from Column A to come up with the amounts for Column C.
  4. Fill in Line 5 of Column C with the corrected taxable income.
  5. Fill in the corrected tax liability in Line 6 of Column C.
  6. Fill in all the lines for other taxes, any tax payments you made, and credits.
  7. If you owe additional tax, fill in the net difference on Line 21.
  8. If you are owed a refund, fill in that amount on Line 23.

After you have completed the Form 1040X, you send it to the appropriate mailing address assigned to the area you live in. If you amend tax returns for several years, you have to mail each 1040X separately.

If you wish to amend tax returns for businesses other than sole proprietorships, you fill out different forms. To amend tax returns for a corporation, you will need an 1120X Form. For partnerships or multi-member LLCs, use a Form 1065 and check box G(5) on page 1. To amend the Schedule K-1, fill out a K-1 and check the "Amended K-1" box.

What Happens After You Amend Tax Returns?

It takes 8 to 12 weeks for the IRS to process amended returns. After that, you can check on the status of the amended returns by calling (800)-829-1040. Be aware that when you amend tax returns, you are opening yourself up to a possible IRS audit. The IRS closely scrutinizes amended returns, especially those used to claim a refund or lower a tax debt. If they find anything they feel is false information, the IRS may decide to investigate that tax period.

If you want to amend tax returns, consult a professional. Call now or fill out the form below for a free tax debt consultation to amend tax returns correctly and efficiently! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.


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