Modifying a return is not unusual and does not generate any warning signals to the IRS. In fact, the IRS doesn't want you to more or less pay your taxes because of the mistakes you make on the original return you file. This interview will help you determine if you should file an amended return to correct an error or make other changes to your return. Can you change your taxes if you forgot something or made a mistake? Of course it is.
You must file a tax return with the IRS every year if your income exceeds the required level. In fact, you can be prosecuted for not filing the application (a misdemeanor) or for falsely filing a return (a felony). Ask yourself if the statement you submitted was accurate, to the best of your knowledge, when you submitted it. If not, you should probably modify it.
If so, you are probably sure not to submit an amendment. If you are being audited, the modification may also send the wrong signal and further jeopardize your position. Of course, you might want to modify it. Maybe you realized that you made a mistake, forgot your payment or the W-2 form, or omitted the income from the Form 1099 you found at the bottom of a drawer.
Math errors are no reason to file an amended return, since the IRS will correct the mathematical errors in your return. Likewise, you should not normally file an amended return if you discover that you missed a W-2 form, forgot to attach schedules, or other such problems. The IRS can process your return without them, or will request them if necessary. Filing an amended tax return is like having a second chance to get whatever tax benefit you missed the first time.
Of course, it can also mean that you end up owing more taxes. You should wait until the IRS has processed your tax return before making corrections. If you expect to receive a tax refund, wait until you receive it before filing an amended return. In general, it takes eight to 12 weeks for the IRS to process an amended return, but it can take up to 16 weeks, depending on the accumulation of amended returns by the IRS.
If your amended return indicates that you owe more taxes, you should pay them as soon as possible to limit interest and penalties. Amended returns are only filed on paper, so even if you filed your original return electronically, you'll need to modify it on paper. The IRS reports that, generally, you must file Form 1040X to modify a return within three years of the date you filed your original tax return, or within two years of the date you paid the tax, whichever is later. That's why many people turn to a tax advisor to file amended returns, even if they normally prepare their own returns.
If your amended return shows that you owe more taxes than on your original return, you'll owe additional interest and probably penalties as well. Tax return for seniors, Form 1040-EZ, Income Tax Return for Single and Joint Filers Without Dependents, Form 1040-NR, U. You might assume that filing an amended tax return would reinstate that three-year statute of limitations. You can file an amended return within 3 years of the date you filed your original return or within 2 years after the date you paid any tax due, whichever comes later.
Also, keep in mind that an amended return that does not report a net tax increase does not entail any extension of the statute of limitations. For example, if you paid for college tuition during the tax year, you might be eligible for the U.S. opportunity tax credit or the lifelong learning credit. No, filing an amended tax return won't help you receive a stimulus check or a larger payment amount.
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