When to File an Amended Federal Tax Return

Discovering errors in your federal tax return can happen to anyone. Whether it's a simple math mistake, omitted income, or another oversight, taking swift action is crucial. Here's what you need to know about filing an amended tax return:

When to File:

1. Identifying Errors: If you realize there's an error in your filing status, income, deductions, credits, or tax liability, it's time to consider filing an amended return.
2. Math Errors & Missing Schedules: Generally, you won't need to file an amended return for minor math errors or if you forgot to include a form or schedule. The IRS typically corrects these errors during processing and notifies you by mail if any additional information is required.

Utilize IRS Tools:

The IRS offers a helpful tool called the "Should I File an Amended Return." This tool assists taxpayers in determining whether filing an amended return is necessary for correcting errors or making other changes after filing.

How to File:

To make corrections to a previously filed Form 1040 return or to adjust amounts previously addressed by the IRS, taxpayers should use Form 1040-X, Amended U.S. Individual Income Tax Return. Electronic filing of Form 1040-X is available for tax years 2020 through 2023 for Forms 1040 or 1040-SR. Additionally, electronic amendments for Form 1040-NR and Form 1040-SS/PR are accepted for tax years 2021 through 2023.

Check Your Status:

Stay informed about the status of your amended return by using the "Where's My Amended Return?" online tool or by calling 866-464-2050 three weeks after filing. Similarly, you can track your refund status using the "Where’s My Refund?" tool. You'll need to provide your Social Security or Taxpayer Identification number, date of birth, and ZIP code to verify your identity and access the status updates.

Be Prepared for Processing Times:

While most refunds are issued within 21 days for electronically filed returns with direct deposit, some returns require additional review and may take longer to process.

For further details and FAQs regarding Form 1040-X, contact your Porte Brown tax advisor today!