1. When to amend.
You should amend your tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return.
2. When NOT to amend.
In some cases, you don’t need to amend your tax return. The IRS usually corrects math errors when processing your original return. If you didn’t include a required form or schedule, the IRS will send you a request for the missing item.
3. Amending to pay additional tax.
If you’re filing an amended tax return because you owe more tax, you should file Form 1040X and pay the tax as soon as possible. This will limit any interest and penalty charges.
4. When to file.
To claim a refund, you generally must file Form 1040X within three years from the date you filed your original tax return. You can also file it within two years from the date you paid the tax, if that date is later than the three-year rule.
5. Track your return.
You can track the status of your amended tax return three weeks after you file with ‘Where’s My Amended Return?’ This tool is available on our website http://www.gallatitax.com/wheres-my-refund.html
Amended returns take up to 12 weeks to process. You will receive any additional refund you are owed.
If you need any past Federal or State tax returns amended or want an expert eye to review your prior year returns for additional tax savings, please contact us at Gallati Professional Services of Rochester, NY.(www.gallatitax.com, firstname.lastname@example.org, 585-445-7285).