You can also file an amended return if you discovered mistakes or neglected to report some of your income -- for example, if you forgot about a mutual fund redemption or other transaction until you come across the paperwork later on. You may need to file an amended return if information wasn't available or known when you filed the original return -- for example, if you hadn't received a reporting certain income by your original filing date, says Jane Rubin, a certified public accountant in St.
Also, some tax law changes are applied retroactively, and you can file an amended return to benefit from the change after you filed your original return, she says. You usually have to file an amended return on paper, but this year you'll have the opportunity to file an amended return electronically for -- the electronic option is not available yet, but is currently scheduled to become available by late August, says Trish Evenstad, an enrolled agent in Westby, Wisconsin.
The electronic amended return will only be available for the tax year, not for earlier returns. When you file an amended return on paper, fill out Form X and mark the year that you're amending at the top of the form. The form includes separate columns to report the original amount and the changes you are making, and also to submit any additional forms that are affected by the changes such as Form for the saver's tax credit or Form for the child care tax credit.
Compute the corrected tax amount, which might result in a refund or more tax owed, says Rubin. The IRS will send you a check if you're owed a refund. It can take up to three weeks for the amended return to show up in the IRS' system, and then may take up to 16 weeks to be processed. You may also need to file an amended state income tax return.
A former NBA player has issued an apology after his daughter was seen at a youth basketball game in Orange County throwing a vicious sucker punch that left another girl with a concussion. Scottie Pippen: "I didn't realize how much Hakeem Olajuwon had diminished in the game.
After two and a half years with the 49ers and zero games played, Jalen Hurd has been released. The 49ers announced today that they have released Hurd, who had been on injured reserve. A talented athlete who had [more]. It took Jets quarterback Mike White a long time to be an overnight success. He transferred from South Florida to Western Kentucky, was a fifth-round pick of the Cowboys in , and never got on the field in a regular-season game until , when he came in for an injured Zach Wilson and had a [more].
That way, you'll know to check your previously filed return if and when they happen. Because every taxpayer should have a basic understanding of what it takes to change their return after it's filed, here are 11 tips on how and when to file an amended tax return. What if you just filed a tax return and then discovered a mistake the very next day.
If the filing deadline, including extensions, hasn't passed, then you don't want to file an amended return. Instead, you can file what's called a "superseding return.
A superseding return must be filed on a paper Form - e-filing is not allowed. We also recommend writing "Superseding Return" at the top of the form. Since tax returns aren't due until July 15, or October 15 if extended , there's still time to file a superseding return this year. Say, for example, you filed a return back in February and, instead of getting a refund, elected to apply your overpayment against your tax liability. But then you lost your job in April because of the coronavirus pandemic and now wish you were getting a refund.
If you file a superseding return before July 15, you can get the refund this year. It might take a while before the IRS is able to process your superseding return, since they're behind on tackling paper returns, but at least you won't have to wait until next year to benefit from the overpayment. You don't need to file an amended return if you discover a simple math or clerical error on your return. The IRS can correct those types of mistakes on its own. An amended return isn't necessary if you forgot to attach a certain form or schedule to your return, either.
The IRS will contact you by mail if they need additional information to fix these types of errors. However, you should file an amended return if there's an issue that changes your filing status, income, deductions, or credits. If you do need to file an amended personal income tax return, you'll probably need to submit IRS Form X , which is used to:. You can use Form instead of Form X in limited situations.
For example, Form might be an option if you had to repay income that was previously taxed or you're carrying back certain losses or tax credits. You should also use Form if you're requesting a refund of penalties and interest or an addition to tax that you already paid. Otherwise, generally stick with Form X. Right now, Form X can't be filed electronically. You can use tax software to prepare the form, but in the end you have to print it out and mail it in. The form instructions tell you where to send it.
However, starting sometime in the summer of , the IRS will start allowing the electronic filing of Form X to amend a tax return. You'll still have to file a paper amended return for other tax years Also make sure that you file a separate Form X for each tax year. Mail them separately, too. Check the box at the top of the form to indicate the tax year for the return being amended. If there isn't a box for that year, write in the year in the space provided. Don't forget to sign the amended return.
Attach any required forms or schedules as well. Generally, you need to attach any schedule or form relating to the changes you're making. For example, attach Schedule A if you're changing an itemized deduction. The form instructions tell you which other attachments are necessary. Generally, you must file an amended return within three years from the date you filed your original return or within two years from the date you paid any tax due, whichever is later.
If you filed your original return before the due date usually April 15 , it's considered filed on the due date. There are a number of special due-date rules for amended returns that are based on changes related to bad debts, foreign tax credits, net operating losses, natural disasters, service or injury in a combat zone, and a few other situations--check the instructions for Form X for details. Don't file your amended return too quickly, though.
If you're due a refund on your original return, wait until you actually receive the refund before filing an amended return for that tax year. It's nice if amending your return results in a refund, but, unfortunately, that's not always the case. If you owe the government money as a result of filing an amended return, pay the tax right away to avoid additional interest and penalties.
You can pretty much count on paying some interest, since the IRS charges interest on any taxes not paid by the due date. But you can minimize the amount of interest you'll be charged by paying the tax owed quickly.
The penalty is usually equal to 0. However, the IRS might waive the penalty if you have a very good reason for not paying your tax on time. Karen Doyle contributed to the reporting for this article. This article originally appeared on GOBankingRates. Buffett is betting big on his favorite company.
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The metaverse has just begun, and Nvidia CEO Jensen Huang says it will be "much, much bigger" than the physical world. Lucid Motors earnings are due Monday, with the Tesla rival's production goals in focus. Shares have soared on Lucid Air EV deliveries. The transaction is expected to be completed within the next two years, pending board and regulatory approval.
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