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When to Amend Individual Tax Returns with the IRS

April 24, 2018

There are many details that go into your return, so it is not uncommon to overlook an item in the process of filing a return. It is also possible that after you have filed your return, your employer, contractor, or investment manager will send you a correction on the total income you earned throughout the year.

The IRS receives every form that you receive and will correct the mistakes on your return during processing. But the IRS may not consider the deductions or credits that you may qualify for with the additional information. This often results in taxpayers paying more in taxes than they are obligated to pay.

The best thing to do when you find out information was omitted is to file an amended tax return. This will allow you and your tax preparer to file the return in your best interest. The quicker you amend a return with previously unreported income, the more likely you can avoid additional penalty and interests that may occur by the time the IRS finds out. It could take the IRS about a year to process your return and check for mistakes, but you are responsible for the interest that occurs every month since the end of tax season for the year you filed your tax return.

If you discover that you are entitled to more refund than received, the statute of limitation allows you to claim the refund for up to three years after you originally filed the return or two years from the date the tax was paid, whichever is later.

The federal form for filing an amended tax return is 1040X and it can only be filed in paper format. The IRS processing time for amended tax returns is up to 16 weeks. Since it is not possible to track an amended return on a tax filing software, as it can be done for electronically filed returns, the IRS provides this link to check on its status: Where’s My Amended Return.

For more details and instructions for filing an amended return visit:

For assistance in filing your amended return contact Stroud and Company CPAs today.

Photo by NeONBRAND on Unsplash

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