The IRS processes thousands of IRS amended returns annually. For some taxpayers, it seems like every tax season something is bound to go wrong. In light of all the errors that inevitably occur, the IRS has created ways for taxpayers to amend tax returns that were filed incorrectly. IRS amended returns can reduce tax debt and stop IRS collections, or simply update your already filed IRS tax return.
The IRS will usually correct simple math errors and request forms that are missing when they process your original return. So minor mistakes like these will not need an IRS amended tax return. However, there are a few instances when filing an IRS amended tax return is necessary.
If any of the following was reported incorrectly on an income tax return, you should file an amended return as soon as possible:
- Your total income
- Your filing status
- Your dependents
- Your tax deductions or credits
Filing an IRS Amended Return
- Use form 1040X, an IRS "Amended U.S. Individual Income Tax Return" document. You can use this to correct previously filed Forms 1040, 1040A, and 1040EZ.
- Write the year of the return you are amending at the top of the 1040X. You must prepare a separate IRS amended return for each return you want to correct.
- Mail the envelope containing the IRS amended tax form to your area's IRS processing center.
Be aware that you have three years to make any corrections to income tax returns that result in additional tax refunds. The IRS has a three-year statute of limitations for giving tax refunds to taxpayers. The three-year clock begins from the date you filed your original tax return, even if you requested an extension.
Checking the Status of Your IRS Amended Return
Your IRS Amended Return will take eight to 12 weeks to process by the IRS. Unfortunately, the IRS does not allow taxpayers to file their IRS amended returns electronically. As long as you act quickly, you can still receive your tax refund. However, completing the 1040X can be a bit tricky. Consider contacting a tax professional to help you when submitting your IRS amended return.
Will Filing IRS Amended Returns Trigger an Audit?
Many taxpayers believe filing an IRS amended return will cause the IRS to become suspicious of past tax returns and result in an audit. There is no evidence of this, and it should not influence your decision to file an IRS amended return if you need to. However, there is evidence that taxpayers who neglect to file an amended return are almost always hit with an audit and a tax debt. Filing IRS amended returns actually prevents an audit because you are correcting a mistake with proper documented evidence of the adjustment.
Call now or fill out the form below for a free consultation about your IRS Amended Return. We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.