What is amended tax return form

You can add dependents to any of the past three years returns or within two years after the date you paid the tax, whichever is later. If you have an amount due that can be reduced you can file later than this date. To add or change the number of your qualifying dependents, you should print and mail an amended tax return for each affected year to the IRS. You must file the amended return within three years of the due date of the return for the NOL year.

The IRS usually has three years to assess additional taxes. However, longer periods are allowed for significant underreporting of income and fraud. Get the facts about the IRS late filing penalty, and what to do if you get a penalty for filing taxes late. What happens if you overpay your taxes?

Many major tax software packages include modules that will file an amended tax return. Many tax preparers are happy to file amended returns as well. And note: Amending your federal tax return could mean having to amend your state tax return too. Generally, the IRS audits only returns from the previous three tax years — though there are major exceptions. So although it might be tempting to wait and see if the IRS will catch you in an error, it might be cheaper to fess up sooner rather than later.

The IRS charges interest and penalties on outstanding tax liabilities going all the way back to the original due date of the tax payment. So the longer you wait to fix a mistake, the more expensive that mistake can get. Track the progress of your amended tax return using the IRS's online tracking tool. You can also the progress of your amended tax return by calling the IRS. Check out our top picks for online financial planners below, or see our full roundup of the best online financial advisors.

When you prepare the X, it's not necessary to complete a brand new tax return. Form X only requires that you update the numbers that will change. If your changes affect more than one tax return, you must file a separate Form X for each tax year.

Since it may be necessary to prepare additional forms or schedules, be sure you use the ones required for that specific tax year. When you use Form X to claim additional deductions or credits or to correct an error that reduces the amount of tax you owe for that year, the Form X serves as your formal claim for a refund.

Additionally, many small business owners can use the form to carry back net operating losses that occur in one of the subsequent two tax years. The IRS notes that it takes approximately eight to twelve weeks to process amendments, so be on the lookout for your refund after this time. You can transfer some of the original information onto the amended tax return , such as.

You also need any documentation that relates to your changes. This can be a number of items such as proof of payment for a new deduction you are claiming or an additional W-2 for additional income you need to report. If you attached any schedules to the original return, you don't need to complete these again unless your amendments cause the numbers on it to change.

Return the refund check with your amended return along with a letter of explanation. Write "Void" in the endorsement section of the check when you return it with your amended return. Don't staple, bend, or paper clip the check.

When your amended return has completed processing, the IRS will issue a new refund check. How can I check the status of my amended return? Back to Frequently Asked Questions.