- You can amend any return, even an electronically filed one, but you cannot e-file an amended return. Instead, you must fill out Form 1040X and mail it to the IRS. Form 1040X is a simplified return -- you only need to list your original values in Column A, the corrected amount in Column C and the net value of the changes in Column B. Use the backside of the form to explain why you are making the corrections.
- The IRS lets you change anything you want on your return, but you must make those changes within the later of three years after filing the return or two years from the time you pay your bill. You can use this to your advantage to extend the deadline for amending a return. For instance, you can file your return and ask the IRS for a installment plan that lasts for two years. In this case, your effective statute of limitations for amending your return is four years.
- States usually allow you to deduct federal taxes on your state return, so you need to attach a copy of your Form 1040X to your amended state return -- if your state levies an income tax. Amending a return may increase your audit risk if you do not attach evidence supporting additional deductions. For instance, if you forgot to claim the mortgage interest deduction, attach canceled checks and bank statements. Failing to amend a return for erroneous deductions will cost you money in fees and penalties if the IRS audits your return and strikes down a deduction.
- Expect the IRS to take between eight and 12 weeks to process your return, and amended state returns might take even longer, according to the IRS. You can use tax preparation software to fill out a Form 1040X and then print it off. Usually, you can only use tax software to amend a return with the tax preparation company that you originally used to file your return.
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