Can I Redo My Taxes? How to Amend a Tax Return

When an error or omission is discovered after a tax return has been submitted, taxpayers can file an amended tax return. This process allows them to correct previously reported information, ensuring their tax obligations are accurate. The primary purpose of amending a return is to rectify mistakes such as misreported income, overlooked deductions or credits, or an incorrect filing status.

When an Amendment is Necessary

An amended return becomes necessary when a significant change affects your tax liability or refund. Common reasons include errors in reported income, such as receiving a corrected W-2 or 1099 form after filing the original return, or realizing certain income sources were omitted. Incorrectly claimed deductions or credits, or changes in filing status or dependents claimed, also necessitate an amendment.

It is important to distinguish situations that require an amendment from those that do not. Simple math errors on the original return do not require an amendment, as the Internal Revenue Service (IRS) corrects these automatically. If you forgot to attach a specific form, like a W-2, the IRS will request it directly. An amendment is only filed after the original return has been fully processed by the IRS.

How to Prepare an Amended Return

Preparing an amended tax return requires careful attention to detail and specific forms. The primary document for amending individual federal income tax returns is Form 1040-X, Amended U.S. Individual Income Tax Return. This form is available on the IRS website or through various tax software programs.

To complete Form 1040-X, you will need your original tax return figures as they were filed and determine the corrected figures based on the changes you are making. Form 1040-X is structured with columns for original amounts, net changes, and corrected amounts. Part III of Form 1040-X requires a clear explanation for each change being made.

Calculating changes in income, deductions, credits, and tax liability involves re-evaluating your tax situation with the corrected information. This might mean recalculating specific schedules or worksheets that were part of your original return. You will need any supporting documents relevant to the changes, such as corrected W-2s or 1099s, new receipts for deductions, or other forms and schedules impacted by the adjustment. While tax software can assist in preparing Form 1040-X, manual preparation requires careful review of all entries and calculations.

How to Submit Your Amended Return

Once Form 1040-X is accurately completed, the next step involves its submission. The primary method for submitting an amended tax return is by mail. The specific mailing address depends on your state of residence, and detailed instructions for Form 1040-X provide the correct address to use.

Electronic filing of Form 1040-X is available for recent tax years, typically the current year and the two prior tax periods, if the original return was also e-filed. For older tax years or if the original return was paper-filed, a paper submission of the amended return is still required. When mailing, it is important to keep a copy of your submitted Form 1040-X and all supporting documentation for your records.

What Happens After Filing an Amended Return

After submitting an amended tax return, taxpayers should anticipate a longer processing time compared to an original return. Processing times for amended returns can range from 8 to 16 weeks, though some may take up to 20 weeks. The IRS provides an online tool called “Where’s My Amended Return?” on its website, which allows taxpayers to check the status of their submitted Form 1040-X. You can begin checking the status approximately three weeks after submission by providing your Social Security Number, date of birth, and zip code.

Potential outcomes after filing an amended return include receiving a refund, owing additional tax, or receiving communication from the IRS. If the amendment results in a refund, it may be issued as a direct deposit or as a paper check. If additional tax is owed, payment instructions will be provided, and it is important to pay promptly to minimize interest and penalties. The IRS may also send notices or requests for more information. Maintaining records of all correspondence with the IRS regarding your amended return is important.