Amended Tax Return status? How to file an Amended Tax Return

Filing your taxes can take a long time, and even after you send them in, you might still make mistakes. You could have typed in the wrong amount or missed a credit that could have brought down your bill. You can send the IRS an amended tax return, which is good news. This lets you check your taxes and fix any mistakes. After you file your taxes, the next important thing to do is to find out what happened to your amended return. 

If you know how it works and how long it might take, you'll be less stressed and more up-to-date. We'll go over the steps of the process in this blog post so you know what to expect after you send in your new return.

What is an Amended Tax Return?

If you made a mistake on your tax return, you can fix it by sending in a new one. You have to fill out Form 1040X for the IRS. You can use it to change your income, credits, deductions, and filing status. Sometimes, these changes mean you get a bigger refund or have to pay less in taxes. It could also mean that you have to pay more. It's important to file an amended return because it makes sure that everything is done right and clearly with the IRS and that your tax records are fair and correct.

How to Check Amended Tax Return Status

After you file your amended tax return, the IRS may take some time to process it. The simplest way to learn more is to use the IRS's "Where's My Amended Return" online tool. Entering your Social Security number, date of birth, and ZIP code will allow you to check the status. This tool informs you whether your amended return has been received, is in the process of being prepared, or has been completed. If you would like to know the status, you can also give the IRS a call. You don't have to check your amended return every day because it typically takes a few weeks to process.

To check the status of an amended return, visit Where's My Amended Return?

Common Reasons to Amend a Tax Return

There are several reasons why you need to amend your tax return. You may have filed as single when you were eligible to file as head of household, which affects your tax rates and applicable deductions. Or you forgot to include a W-2 from a side job, or there was a mistake in reporting your income from an investment. Sometimes, it's missing out on education credits, incorrect itemized deductions, or forgetting to claim a dependent. These errors can have significant implications for your tax liability and potential refunds. It's crucial to rectify any such discrepancies to avoid possible penalties from the IRS and to ensure you are paying the correct amount of taxes.

When to Amend Your Tax Return

You might have to file an amended return if you discover errors that could alter the amount of tax you owe or the amount of your refund. It's not necessary to correct every error. When the IRS corrects basic mathematical errors or requests missing forms, you are not required to take any action. You typically have two years after you paid the tax or three years after you filed your initial return, whichever comes first, to make any necessary adjustments. This allows you enough time to correct errors and confirm that your tax record is accurate.

How to file an Amended Return

To ensure that your records are accurate and comprehensive, you can submit an amended tax return. Although it may seem like a lot of work, breaking it up into smaller steps makes it easier. It's crucial to follow all instructions because if something is unclear or incorrect, the IRS won't accept the change.

Review Your Original Tax Return

First, look over the tax return you sent in before. Look at each part to find the mistake and see how it affects your numbers. You might see credits you forgot to claim, income you forgot to include, or a deduction you weren't eligible for. If you take the time to look over your return, you can figure out what needs to be fixed before you move on.

Gather Supporting Documents

After you find the mistakes, get the paperwork that proves you fixed them. You could have late receipts for expenses, a W-2 or 1099 form, or bank statements that show more money coming in. Keeping these papers in order will make things easier. These can be used as proof if the IRS needs to check the changes.

Complete Form 1040X

Fill out Form 1040X next. This is the IRS form you use to change your tax return. It shows the original numbers, the changes you want to make, and the final amounts. You can also use the form to explain why you are making these changes. Please make sure your explanation is clear and complete so that the IRS can understand why.

Submit the Form

After preparing the form and organizing your documents, it's time to send everything to the IRS. Some amended returns can be filed online, while others still need to be mailed in. The electronic option is often faster, but check the current IRS rules to see which applies to your return. Always keep copies of the form, your documents, and the original return. Having your own record helps if you ever need to look back at the changes.

What the IRS Tracker Can and Cannot Do

The tool "Where's My Amended Return" is for people who file Form 1040X. It can tell you if your amended return has been received, is being worked on, or is finished. It works for the current tax year and the last three years. This makes it easy to stay up to date, but the tool isn't perfect and doesn't cover every tax situation.

Situations Not Covered by the Tracker

Here are some common situations in which the IRS tool won't show you the status of your amended tax return:

• Forms 1120, 1120-S, or 1065 for business returns

• Returns sent to an address outside the U.S.

• Carryback claims, like net operating losses, can be used for previous years.

• Claims from injured spouses that the IRS needs to handle in a special way

• Instead of filing Form 1040X, you can just mark your regular Form 1040 as amended.

• Returns looked at by special IRS groups like Examination or Bankruptcy

Supported and Unsupported Returns

Amended Tax Return Help with SK Financial

Filing an amended return can be hard, especially if you don’t know which forms to use or how to follow up with the IRS. We make the process simple. Our team reviews your original return, finds the errors, prepares Form 1040X, and helps you track the status until everything is complete. We explain each step in clear and easy words so you know what is happening with your taxes. With more than twenty years of experience, we help thousands of people fix mistakes and get their returns back on track.

Conclusion

If you need to fix mistakes on your original tax return, you need to file an amended return. It could be as simple as forgetting to report income or missing a deduction. These changes help you keep your tax record up to date and make sure you don't get in trouble with the IRS. It's not just about getting more money back or paying less when you change a return; it's also about being honest and clear. If your tax records are correct, you won't have any problems in the future, and you'll feel better knowing your money is in order.

FAQs

1. Should I file an amended return

You don't have to file an amended return for every mistake. You don't have to do anything when the IRS fixes small math mistakes or asks for forms that are missing. You should file an amended return if the mistake changes your income, deductions, credits, filing status, or dependents.

2. What are the benefits of filing an amended return

It's not just about fixing a mistake when you file an amended return. It can also help you get credits you missed the first time, pay less in taxes, or get a bigger refund. It also makes sure that your tax record is correct and gives you peace of mind that you are following IRS rules.

3. How long does it take to process an amended return

The IRS usually needs 8 to 12 weeks to handle an amended return. If the return is complex or filed by mail, it can take 16 to 20 weeks.

4. When can I check the status of my amended return

You can start checking about three weeks after you file. The IRS tool will then indicate whether you have received your return, whether it is under processing, or whether it is complete.

5. What tax years can I check with the IRS tool

The online tool works for amended returns filed for the current year and up to three past years. Anything older will not show online, and you may need to call the IRS for help.

6. How will I receive my refund

If you get a refund from an amended return, the IRS will either deposit it directly into your bank account or send you a check in the mail. If you filed electronically in recent years, you can opt for direct deposit, whereas older or paper returns typically require a mailed check for payment.

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