Oooops! You forgot to claim some W-2 income on your 1040, or maybe you left out some 1099 income or even some business related expenses. You can correct and make right these mistakes by filing an amended tax return. To amend your 1040 individual income tax return, you would file Form 1040X with the Internal Revenue Service. The article below has been drafted by John McGuire, a tax attorney at The McGuire Law Firm to state some basic information regarding amending your tax return.
As stated above, you will use Form 1040X to amend your tax return. Unlike your 1040, the 1040X currently cannot be e-filed with the IRS. Generally, individuals will file an amended tax return if they made in error in their filing status, income, deductions or credits on their original 1040 income tax return. If the errors you made we math errors, you may not need to file an amended return as the IRS may catch those errors and make the corrections for you. Furthermore, there is no need to file an amended tax return because you forgot to include W-2s as the IRS will contact you and request these items if needed.
Generally, you have three years from the date you filed the original 1040 to file Form 1040X and claim a refund. If you paid the tax, you may be able to file the 1040X within two years of paying the tax if that date is later. For example, the last day to file a claim for a refund for the 2009 tax year would be April 15, 2013. See this link for 1040X instructions and additional information.
If you need to make changes for multiple years, you need to prepare and file a 1040X for each year you are correcting or make changes. It is recommended that you always mail each period in a separate return. I have seen taxpayers file multiple periods of returns in a single envelope and only one of the returns/periods is processed by the Internal Revenue Service. Further, if you have used other IRS forms or schedules to make changes, you should attach these forms to the 1040X.
Amending a return can take approximately three months, sometimes longer and sometimes a little shorter. If you filed a 1040 and are due a tax refund, you may want to wait until you receive your refund before you file the 1040X so as to prevent confusion. If you are filing a 1040X and owe taxes, it is recommended that you pay the tax liability as quickly as possible to prevent any additional tax penalties and interest from accruing.
You can track the status of your 1040X with your social security number, zip code and date of birth on the IRS website, www.irs.gov
If you have questions regarding amending a tax return or other tax matter, please feel free to contact The McGuire Law Firm to speak with a tax attorney. The McGuire Law Firm has offices in Golden, Colorado and Denver, Colorado.