How to File an Amended Tax Return

An amended return is a form used to make changes to a previous year’s tax return.

An amended return can be used to correct errors and claim a more favourable tax status, such as a refund. In the case of misreported earnings or tax credits, for example, one may choose to file an amended return. We will explain steps to file an amended tax return in the simple manner.

Document Collection

Assemble the original tax return and other documents needed to compose your amended return.

If you need to edit the income you describe on return, probably you will need a new or amended W-2 or 1099 form. If you forgot to claim a tax deduction or credit, you have to take support of documentation to make the new deduction you’re claiming strong, for example, receipt of a charity donation, or Form 1098-T to claim an education credit or new or amended Form 1098 Mortgage Interest Statement

At the initial level, if you are using TurboTax to file your amended tax return, you can ingress your tax return online, or by logging in to TurboTax account an individual can get a print copy online, or from a saved PDF copy on your computer, you can print a copy.

A person can order a copy of the tax transcript by accessing the Get Transcript tool on IRS.gov If he did not file the return using TurboTax and is unable to locate a copy of the return. Your transcript reveals most of the lines from your tax payments, deductions, credits, tax return, and including income.

To get the right form

For amended tax return, the IRS form is the 1040-X Form. You also have to attach the forms that will be affected by this change. You’ll also need your year’s Schedule A if you’re making any changes to your itemized deductions. A copy of Schedule B will be necessary if you want to include extra interest or dividend income on your return. Changes in expenses or revenues from a business will require Schedule C and Schedule SE. Losses and capital gains updates will require Form 8949 and Schedule D, and so on.

An individual can also outline an amended tax return in TurboTax. To follow this an individual needs to use the TurboTax version which is registered to the tax year you need to amend. For example, for amending tax returns for 2019, an individual needs the 2019 version of TurboTax.

If, by using Turbotax, you are preparing the original tax return, log in to your TurboTax account, open the already filed tax return, and to amend the return click on the provided link. From there, you will be redirected to the software for filing the amendment.

If TurboTax is not used to file tax returns, a person can use it to prepare the amendment. If you file an amended tax return, you must compare data into TurboTax with what you filed the first time.

Fill the 1040-X Form

This form contains 3 columns:

Column A. This column reveals the numbers formerly registered on your amended tax return. Utilize the copy of your tax return you collected in Step 1 to finish the column.

Column B. This column displays what amount from your original return needs to increase or decrease. Suppose you want to amend your gross income to include $50 of interest income that was the subject of a previously filed tax return. You would enter the $50 on line 1, column B.

Column C. This column shows reveals the accurate amount. Add amounts from columns A and B and enter the result there.

In Part III of the 1040-X Form, a clear explanation for reasons for filing an amended tax return needs to be provided.

To prepare the amended tax return by using TurboTax, a person doesn’t prefer to know details. Once you indicate the software about an amended return, it will help to fill out the 1040-X Form and if you make changes to your income and deductions you also need to add supporting forms.

Submit the amended forms

Starting with the 2019 tax year, an individual can e-file amended returns. If he/she used TurboTax to prepare the 1040-X Form, follow the software’s guidance to e-file amendment.

To amend a return for 2018 or before that, you also need to print the 1040-X Form and any other forms to be amended. Attach the important supporting documentation, such as:

Any new or 1099 forms or amended W-2s

Schedules or Forms that changed, such as Schedule A if you updated your specific deductions

You can amend your tax return through the IRS CP2000 if you got a notice about your tax return

As per the provided instructions mail all the documents and forms to the address.

An individual has to make an additional tax payment if amending your tax return results in a higher tax bill. By using TurboTax, you can make a payment electronically, for an e-filed amended return. Another option is, with the amendment you can attach a cheque. You can minimize the amount of interest and penalties you’ll have to pay by making a payment now instead of waiting for the IRS to send you an invoice.

Be attentive that if you prefer to file an amended return on paper than e-filing, it can consume the IRS 8 to 12 weeks to process amendment. Amended return status can be checked using the IRS’ Where’s My Amended Return? Hold up to 3 weeks from the date you mailed your return for the information to be visible in the IRS system.

If you prefer to amend your federal income tax return, in addition, you need to file an amended tax return with your state. Every state has its own form to amend tax returns. You will receive instructions on how to mail your state’s tax department the correct forms when completing your federal amended return using TurboTax.

If you owed a lot in taxes or collect a large refund, you probably want to update your withholding. In addition, you can use TurboTax’s free Withholding Calculator to estimate your paycheck withholding, after that complete a new W-4 Form and give it to your employer’s HR.

Keep in mind that, with TurboTax, the software will ask you some questions related to your life and guided you to fill out the right tax forms. If you are stuck somewhere, the software will help you covered it. Be confident while paying your own taxes.

The steps outlined above will assist you in understanding how to file an amended tax return.