Are you trying to complete your taxes before the deadline, but have a few questions that need answered first? We have compiled a list of 10 tax tips to try to help you pass this roadblock and send you on your way to a completed tax return.
When should I amend my tax return?
-Your tax return should be amended if you need to correct your total income, filing status, or the number of claimed dependents. Your return should also be amended to claim tax credits or deductions that were not claimed when you originally filed your first return.
How do I know when I shouldn't amend my return?
-The IRS typically corrects math errors when they process your original return. If a required schedule or form was not included in your return, the IRS will send you a mailed notice about the missing item.
-You should use the Form 1040X for federal income tax return amendments. Be sure to check the box at the top of the form showing which year this is an amendment for. Amended returns cannot be e-filed, so your Form 1040X will need to be filed on paper and mailed to the IRS.Make sure you fill the form's columns out correctly and explain why they are being changed on the back of the form.
What if I am filing an amended return for more than one year?
-You must use a separate Form 1040X for each tax year you will be filing for. Mail these to the IRS in separate envelopes.
How do I amend other forms or schedules?
-Be sure to attach your amended forms and/or schedules to Form 1040X when the form is filed. If it is not attached, it will cause a delay in processing.
How I amend to claim an additional refund?
-Don't file an amended return until after you receive the refund for your original tax return. The check from your original return may be cashed. Amended returns can take up to 16 weeks to process, in which time you receive any additional refund you are owed.
How do I amend to pay additional taxes?
-File a Form 1040X and pay the tax owed as soon as possible so interest and penalty charges will be limited.
Corrected Forms 1095-A
-If anyone on your return enrolled in qualifying health care through the Health Insurance Marketplace, you should have at one point received a Form 1095-A. A corrected Form 1095-A may have also been received. If your tax return was filed based on your original 1095-A, an amendment does not need to be filed based on the corrected Form 1095-A, even if you would owe additional taxes on the new information. You may, however, choose to file an amended return anyway. Sometimes the information on the new form may lower the amount of taxes owed or increase your refund. You may want to amend your return if you filed incorrectly and claimed a premium tax credit -or- an income tax return was filed and there was a failure to file form 8962, premium tax credit, or to reconcile your advance payments of the premium tax credit. If at any point you have received a letter before amending your return, you should follow the instructions in the letter.
When should I file?
-To claim your refund, file Form 1040X no later than three years from the date your original tax return was filed. Additionally, you can't file it any more than two years from the date the tax was paid, if the date is later than the three-year rule.
How do I track my return?
-The status of your amended tax return can be tracked three weeks after it has been filed on IRS.gov
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