Amending Your Tax Return: What You Need to Know

May 20, 2023

Have you ever started organizing your things after filing your taxes and stumbled upon a 1099 or W-2 form for a short-term side job you did? Or perhaps you received a K-1 form after the tax deadline. Regardless of whether you forgot, made a mistake while filling out forms, or received important documents after filing, it is possible to correct the situation by filing an amended tax return. However, there are some things you need to consider before deciding whether to amend it or not.

Do I Need to File an Amended Return?

Typically, if you made a math error or forgot to attach a form or schedule, you don't need to file an amended return as the IRS will correct it for you and notify you by mail. But if there's a change to your filing status, income, deductions, credits, or tax liability, then you'll need to file an amended return using Form 1040-X.     

 

The good news is that in most cases you can electronically file an amended return for tax years 2020, 2021 and 2022. Just keep in mind that you shouldn't file an amended return before your original return has been processed, especially if you're expecting a refund.

 

Is There a Deadline?

If you're looking to get a refund by filing an amended tax return, it's important to keep in mind that you'll typically have up to three years from the date you filed your original return or up to two years after you paid the tax (whichever comes later) to make any necessary changes.

 

How Can I Check the Status of my Electronically Filed Amended Return?

You can check on the status of your amended return using the "Where's My Amended Return?" online tool or by calling the IRS at 866-464-2050. The Where's My Amended Return? tool can get you the status of your amended returns for the current tax year and up to three prior tax years. This is generally available three weeks after filing the return.

 

Filing an amended tax return doesn't have to be a daunting task!  While it's important to consider whether amending your return is necessary, it's good to know that it's possible to correct any mistakes you may have made. Remember, time is of the essence when it comes to filing an amended return, so be sure to keep track of the deadlines.

 

In some cases it is advisable to seek the assistance of a tax professional when amending your tax return. They can help ensure that all necessary changes are made accurately and efficiently, and they can provide valuable advice on how to proceed with the process. Additionally, tax professionals can help you understand the potential impact of any changes to your tax liability and help you navigate any potential issues that may arise. 

 

Feel free to reach out to us for expert help. We're here to assist you!

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