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What To Know About Filing Amended Tax Return?

by Harley Green Accountant

Anyone 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.

Finally, remember change made to federal return may affect your state tax liability. 

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About Harley Green Innovator   Accountant

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Joined APSense since, December 19th, 2018, From California, United States.

Created on Jul 26th 2021 04:22. Viewed 95 times.

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