When we first start learning to write, we learn to write with pencils. The reason for the use of pencils is simple, during the learning process, mistakes are bound to happen and mistakes made with pencils can be easily erased, unlike starting to learn to write with pens, which makes corrections difficult. Similarly, despite our efforts to file our tax returns with accuracy, we sometimes make mistakes and the opportunity to correct our mistakes should be available. So, as we use erasers to fix our mistakes when writing, we can amend filed tax returns during the past three years. Read this guide to know more about filing amended US tax returns.
To claim a refund, taxpayer must file Form 1040X within 3 years after the date he/she files his/her original return or within 2 years after the date taxes are paid, whichever is later.
The reasons an individual may want to file an amended return can vary:
For example: When same sex marriages were made legal, couples were able to take advantage of the new law and amend their previous years returns.
However, in cases of simple math errors or forgotten attachments, the IRS in most cases will correct the errors and request the forgotten attachments. Therefore, in such situations a taxpayer does not need to file an amended return.
Unlike, when filing the original return, amended returns are filed, using Form 1040X (shown below) and it must be done manually instead of online submission.
To fill out form 1040X simply:
Note: if extra refund amount is owed, it is advisable to file the amended return after receiving the refund from the original return, as the IRS will send the second amount separately.
When filing tax returns, during tax season the IRS processes refunds within 21 working days. However, with amended returns a taxpayer can expect the turnaround time to be anywhere between 8-12 weeks and in some cases, up to 16 weeks. The application status can be tracked here.
Before, taking out your eraser to correct your mistake, ensure if it is indeed a mistake worth correcting. Enlist the aid of the tax experts at H&R Block India for the filing of your India and U.S. Tax Returns in a speedy and efficient manner.