Have you ever had to make changes to a tax return after you filed it? Then you’ve had to file an IRS amended return. An amended return is a document that you submit to the Internal Revenue Service (IRS) when you need to change information on your original return. The most common reasons for filing an amended return are to claim additional deductions or to correct mistakes made on the original return. In either case, filing an amended return can help you save money or avoid penalties.
If you need to file an amended return, you must submit IRS Form 1040X. This form is available online, or you can call the IRS and request one. When you submit an amended return, you’ll need to include your original return, the IRS Form 1040X, and any other forms or schedules that have changed.
When to File an IRS Amended Return
If you realize that you made a mistake on your tax return after you’ve already submitted it, you should file an amended return as soon as possible. Failing to do so could result in a delay in processing your return, or you could be assessed a penalty. You should also file an amended return if you need to make adjustments to your return after you’ve received a notice from the IRS.
You should not file an amended return if you simply want to change the way your refund is sent to you. To do this, you’ll need to call the IRS or complete Form 8888. Similarly, you should not file an amended return if you need to change your filing status, as this is done using Form 1040X.
How Long Does It Take to Process an Amended Return?
The time it takes to process an amended return depends on several factors, including the complexity of the return and the time of year you file it. Generally, it can take up to 16 weeks for the IRS to process an amended return. You can check the status of your amended return by visiting the IRS website and entering your Social Security number and mailing address.
If you filed an amended return and you haven’t received a response from the IRS within 16 weeks, you can call the IRS and inquire about the status of your return. You should also keep in mind that if you’re due a refund and you file an amended return, you won’t receive the refund until the IRS processes your amended return.
Do I Need to Pay a Penalty for Filing an Amended Return?
In some cases, you may need to pay a penalty for filing an amended return. This can occur if you’re filing an amended return because you failed to report income or you made a mistake on your return. The penalty you may be assessed depends on the amount of income you failed to report, as well as the amount of taxes you owe. Generally, the penalty is assessed as a percentage of the additional taxes you owe.
If you’re filing an amended return because of an error on your original return, you may not need to pay a penalty. However, it’s important to note that the IRS does reserve the right to assess a penalty. In any case, you should always file an amended return if you need to make corrections to your original return, even if it means you’ll have to pay a penalty.
What Happens After I Submit an Amended Return?
Once you submit an amended return, the IRS will review it and determine whether or not you owe additional taxes. If you’re due a refund, the IRS will issue it as soon as your amended return is processed. If you owe taxes, the IRS will send you a notice that includes the amount you owe and the payment due date. You should make sure to pay the taxes in full by the due date to avoid any penalties.
It’s important to note that filing an amended return does not necessarily guarantee that you’ll receive a refund or avoid a penalty. The IRS may decide to audit your return, which means that you’ll need to provide additional information to the IRS in order to prove your claim.
Is It Better to File an Amended Return or a New Return?
When you need to make changes to your tax return, you may be wondering whether it’s better to file an amended return or a new return. It’s important to note that you should always file an amended return if you need to make changes to your original return. Filing a new return won’t replace the original return, and it could result in confusion and delays.
Filing an amended return is the only way to make changes to your original return. This is because the IRS keeps records of all the tax returns you’ve filed. When you submit an amended return, the IRS will update its records and adjust any taxes you owe or refunds you’re due.
Conclusion
Filing an amended return can be a daunting task, but it’s often necessary if you need to make changes to a tax return you’ve already submitted. It’s important to file an amended return as soon as possible if you realize you made a mistake or need to make adjustments to your return. To do this, you’ll need to submit IRS Form 1040X and any other forms or schedules that have changed. Filing an amended return can help you save money or avoid penalties, so make sure you file it as soon as possible.
