What To Know About Filing Amended Tax Return?
by Harley Green AccountantAnyone can make mistakes. And sometimes you don’t realize
the errors until well after they are made. But what if you realize suddenly
there is a mistake on tax return that you filed months ago or years ago?
What if there is a new development that affects the amount
of tax you have paid on earlier returns? What to do now? Whether the mistakes
or development is in your favor or the government’s, filing amended tax return
is the next step.
As the tax payer must have a basic understanding of what it
takes t change the return after it is filed, here are some tips on how and when
to file amended tax returns.
Don’t forget to talk to an experienced accountant Beverly Hills who can help!
File Superseding
Return If Deadline Hasn’t Passed
What if you filed a tax return and discovered mistakes the
next day. If the filing deadline, including extension hasn’t passed, you don’t
want to file amended return.
Allow IRS To
Correct Some Errors
You don’t need to file amended return if you discover simple
math or clerical error on the return. The IRS can correct these mistakes. The
amended return isn’t necessary if you forgot to attach some form or schedule to
your return.
The IRS contacts you if they need more information to fix
these errors. However, you must file the amended return if there is an issue
that changes the filing status, credits, deductions and more. Contact with the
right tax services Beverly Hills
company and they can help you.
Use Form 1040X
If you need to file amended tax return, you need to submit IRS Form 1040X. This includes:
- Correct forms 1040, 1040A, 1040NR, 1040EZ
- Make some changes after election deadline
- Change amount earlier adjusted by the IRS
- Claim loss or unused carryback credit
You can even use Form 1045 instead of Form 1040X in some
situations. For instance, 1045 may be an option if you have to repay income
that was earlier taxed or you are carrying some losses and tax credits.
File Amended
Return Before It’s Late
You must file amended return within three years from the
date you filed the original return or under two years from date you paid,
whichever is earlier. You can consult with your accountant Beverly Hills for assistance.
If you filed the original return before the due date, it is
considered filed on the due date. There are number of special due date rules
for amended returns based on changes related to foreign tax credit, bad debts,
etc.
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Created on Jul 26th 2021 04:22. Viewed 305 times.