Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses IRS Form 1040-X, Amended U.S. Individual Income Tax Return.
Many taxpayers wonder what they should do if they made an error on their tax returns. Maybe you filed under the wrong status or received another 1099 after you filed your taxes. Perhaps you forgot to claim a credit. If this happens, the IRS allows you to file an amended tax return using IRS Form 1040-X. This form replaces your original return.
Amending a tax return can be straightforward and easy. If you e-filed your original tax return, you can amend your return electronically. Simply explain the changes you’re making and provide updated figures. You’ll also need to list the original amounts, the net change, and the corrected amounts.
While the process can be straightforward, there is a time limit. In general, you have 3 years after the date you filed to amend your return. In some cases, the IRS may automatically correct minor math or clerical errors, but for bigger issues, filing an amended return ensures your tax records are accurate and avoids future complications. Optima Tax Relief has over a decade of experience helping taxpayers get back on track with their tax debt.
Join us next Friday as Phil will discusses when you should itemize your deductions and when it’s better to take the standard deduction.
If you need tax help, contact us today for a Free Consultation