Have you recently learned you need to file an amended return for your taxes? Each year in the United States, more than 150 million Americans file personal or trust income taxes!
Even if you file your taxes well ahead of the deadline set by the IRS, you may still need to amend your taxes to keep everything on track. Depending on why you are amending taxes, you could owe money or be due to receive a larger refund.
Read on to learn how to file an amended return for your taxes!
Electronic Submissions
Do you need to file an amended tax return for the tax year 2019 or 2020? If so, you are in luck! These are the only two tax years the IRS is allowing for submissions over the internet.
If you are amending an older tax year, you’ll have to do things the old-fashioned way through the mail. Electronic submissions are done through the IRS.gov website using a Form 1040 or 1040-SR.
Using a Form 1040 or 1040-SR
What are the reasons why you need to amend your income tax return? Sometimes, you need to do it because you filed taxes before you received important investment information. Other times you may have to amend because you realize you made a mistake in your original filing.
A Form 1040 is the one used for amendments to your taxes, regardless of the reason that you are revising. The most important distinction between the 1040 and 1040-SR is that the latter is for senior citizens!
Processing Times and Limitations
When you file an amended income tax returns you may be anxious about what will happen with your filing status. Will your amendments be a big deal in the eyes of the IRS? How will what you file impact your financial situation?
The good news is that you can make up to three amendments through the online IRS portal. The bad news is there is not a quick resolution to your submission.
Just like other IRS submissions, there is a standard 16-week turnaround time from submission to decision. This means you may be left wondering about your tax status for up to four months!
An experienced accountant can help guide you through the amendment process. Click here to learn more about the ins and outs of revising your submissions to the federal government!
Learn How to File an Amended Return
Learning how to file an amended return for your taxes can save you time and money. Instead of hiring a CPA or other tax preparation service, you can try navigating the amendment process yourself.
However, even knowing the basics should not be used as a way to avoid the peace of mind you will get by hiring a professional! Do you have other burning questions about personal financial situations in your life?
Check out our blog section for other great posts covering the most important developments in today’s financial world!