Amend Tax Return

Correcting Errors Made from Previous Tax Filing for Amended Tax Return

The Internal Revenue Service offers taxpayers the opportunity to fix any mistakes made on a previously submitted tax return by filing an amend tax return form. Through their straightforward procedure, amending your taxes is an achievable task. Take note of this article’s advice to learn how you can make changes to your annual fiscal obligations.

Filing taxes can be a complex process. All the paperwork, forms, and documents associated with filing a correct return can be overwhelming. To help with this, you need to collect all of your W-2s, 1099s, receipts, and other relevant materials prior to completing the data entry on the various schedules and forms.

Discovering that you missed important information after filing your taxes can be disheartening. Various credits or forms may have slipped through the cracks, but fortunately, the IRS provides a straightforward solution: amending your tax return. This process is simple and requires filling out some additional paperwork.

Amend Tax Return by Altering the Details

 It can be beneficial to file an amended tax return with the IRS in order to make corrections on a previously submitted return. Doing so may help you avoid potential interest and penalties due to underpayment of taxes, should these changes result in a larger amount owed.

Filing an amended tax return is often allowed by law in order to adjust:

 – your chosen filing status,

– gross income amounts,

– any reported dependents, and

– amend tax deductions and tax credits from prior tax returns.

In the case of accurate information with miscalculations, filing an amendment may not be necessary for your original return. Correcting any math mistakes should suffice to ensure accuracy.

When you file your taxes with Prior Tax, you can be sure that all calculations are 100% accurate. Even in mathematical errors, our software double-checks and rectifies them automatically. In case of any recalculations due to these issues, you will receive written notification from the IRS regarding its effect on your tax refund or bill.

Timing to Amend Tax Return – Limitations of Time

It is important to be aware of the limited time allowed for filing an amended tax return, as failure to do so within this timeframe may mean you won’t receive your refund from the IRS. To ensure that you receive any tax owed back, an amended return should be submitted before either of these deadlines:

The IRS allows for two rules regarding filing a tax return after the deadline. First, you have up to 3 years from its original due date to make your submission. For instance, in the event that your 2021 tax return is submitted on April 1, 2020, you have until April 18, 2023, to submit the amended version of your taxes to the Internal Revenue Service (IRS). 

Even though you may have to pay more tax due to an amendment, filing a new return is unnecessary after the allotted time frame has passed. Bear in mind that any amendments filed outside this window will not be eligible for a refund from the IRS.

How to Amend Tax Returns: What You Need to Know

First, before you start amending an existing tax return, obtaining any new documents related to your income is vital. These can include a 1099 or W-2 that may have been missed in the first submission. Also, proof of eligibility, such as a receipt, will be useful if you claim a deduction or credit.

The second step to begin the process of amending your federal returns starting from the 2019 tax year, you can either electronically file with Prior Tax or paper-file. Those who get help from free dedicated Prior Tax Professionals to complete their original return can easily file by logging into their account and selecting the corresponding amend tax return that needs to be amended. To complete a paper filing, you will need IRS Form 1040-X, which is available for download on the official website of the IRS.

The third stage of the process is to work out which error needs to be addressed. Acquiring a blank form for the same year as your initial tax filing is essential in this situation, so you can accurately make alterations and evaluate how this will affect your overall return.

Do you need to file an amendment on a tax return that has already been submitted via Prior Tax? Well, we have the perfect solution for that. All one has to do is get in contact with their dedicated Tax Professional.

Forget about DIY taxes and get your returns done right with Free, Dedicated Prior Tax Professionals. Leave the tedious work to us – just answer simple questions, and we’ll handle the rest from start to finish. We’ll make sure you get your maximum refund guaranteed. Filing your taxes can be a hassle, but with Prior Tax, you can do it confidently, knowing that experts are by your side.

This entry was posted on Thursday, May 4th, 2023 at 8:00 am and is filed under Tax Tips and Tricks, Taxes for Prior Years. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.