When to Amend A Tax Return


         With the activity surrounding this year’s Tax Season now at a reduced level, some might look back and realize they made a mistake on their Tax Return. This is more common than many people might think. However, there are only certain situations that would require an amended Tax Return.

          If a Taxpayer noticed that they made a mathematical mistake on their Tax Return, it is not necessary to file a Form 1040X to amend it. In most cases the Internal Revenue Service (IRS) will automatically correct them. This is also usually true when it comes to missing forms. If the IRS does want a missing form, they will make a request in writing through the mail. Amended Tax Returns can take up to 4 months to process, so those who feel they will be due an additional refund, need to show patience. On the other hand, if the amendment will result in tax due, it must be paid immediately to penalties and interest. This type of Form cannot be submitted electronically, so consult your Qualified Tax Professional to make sure it is handled properly.

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