In general, it takes the IRS eight to 12 weeks to process an amended return, but it can take up to 16 weeks depending on the IRS backlog of amended returns. The IRS gets about 4 million Xs each year. Learn about filing amended returns, or get help from a trusted IRS expert.
Don't confuse the IRS and make your situation worse by filing an amended return when you shouldn't. Separate fact from fiction when it comes to IRS audits. Learn what causes tax audits, what happens during an audit, and what to do if you get an IRS letter.
What triggers the IRS to audit a tax return? Learn how common tax mistakes and errors can be a red flag and affect your chances of being audited by the IRS. Instead, the IRS requires that you print the Form and file it by mail. Don't forget your state income tax return. If you live in a state with a state income tax, you generally must amend both returns.
Even if you make a huge mistake such as forgetting to enter your Form W-2, the IRS has seen it all before. Unless you committed fraud or tax evasion, they won't hold it against you. All they really want is the money.
If you owe more tax because of a mistake on your return, the sooner you file and pay the tax, the less penalty and interest you will have to pay. Don't automatically assume you have to pay a penalty. If you amend your return before it is due before April 15 , then your amendment is timely, and no interest or penalty will accrue. Also, the IRS can be quite reasonable, especially for a first-time mistake. Attach a statement with your amended return, and specifically ask for an "abatement" of any penalty.
Besides, if you have to amend your return, you might as well get it over with. It probably won't be as hard as you expect. You can avoid most tax return mistakes by organizing your information before doing your taxes and not waiting until the last minute to start your return. Tax software takes care of the math and checks your return for errors, missing information and potential savings. So just because you're entitled to a tax break now doesn't mean you were entitled to it on your pre return. If there are any retroactive tax laws enacted that include new or expanded tax breaks, you'll want to check your previous tax returns to see if you can take advantage of the new law.
For example, a "tax extenders" law was passed in December that will trigger a lot of amended returns. The term "tax extenders" refers to a collection of tax breaks that keep expiring but are then retroactively extended by Congress for another year or two.
The law temporarily revived a number of tax breaks that had expired at the end of , including the mortgage insurance premiums deduction, income exclusion for forgiven mortgage debt, college tuition and fees deduction, and credit for energy-efficient home improvements. If you can claim any of these tax breaks for , go ahead and file an amended return to get a refund. You'll need to file an amended return if you receive information after filing your original return that significantly changes your taxable income.
For example, you might receive an amended W-2 form or a form showing previously unreported income enough to make a difference on your return. If the new information affects the deductions or credits that you claimed on your original return—for example, by upping your income to a point where the tax break is reduced or no longer available to you—you'll need to file an amended return for that, too.
You won't receive a refund for these types of changes, but you still need to file an amended return to avoid penalties and additional interest. Changes you make on an amended return affecting your income, deductions or tax liability may also affect the amount of or cause you to owe the alternative minimum tax. So be sure to check that, too. If you're the victim of a hurricane, wildfire or other natural disaster, you might be able to file an amended return to claim a casualty loss deduction for the tax year before the disaster.
Alternatively, you can claim the loss in the year of the disaster: Pick whichever year is more favorable to you. Otherwise, this special rule doesn't apply. If you decide to claim the loss for the year before the disaster, you must file your amended return no later than six months after the due date for filing your original return without extensions for the year in which the loss took place.
So, for example, if the disaster occurred in and you want to claim your loss on your return, you must file an amended return by October 15, If you prepare your own tax returns, it's best to fill out both your federal and state returns before actually submitting either one.
But sometimes that's just not possible. You might be too busy to do them both at once, so you send in your federal return which has to be done first one day and put off your state return for another day. Then, when you're finally working on your state return, you realize that something you did on your federal return is going to cost you more in state taxes than what it saves you in federal taxes.
If that's the case, it might make sense to amend your federal return—and pay a little more in federal taxes—so you can cash in on a larger state tax break. A week after filing their federal return, Andrew and Becky started working on their state return. They soon realized that 1 their state standard deduction is much lower than the federal standard deduction, and 2 they cannot itemize on their state return unless they itemized on their federal return which is a common restriction.
And while we're talking about state tax returns, remember that a change made to your federal return may very well affect your state tax liability, too. So, if you've already filed your state return, check to see whether filing an amended federal return means you'll have to file an amended state return as well. Skip to header Skip to main content Skip to footer. Home taxes tax returns.
Tax Breaks. If your income has gone up or down this year, consider adjusting your final monthly child tax credit payment. But you need to act soon. November 13, The IRS has already sent four batches of monthly child tax credit payments.
Here's when you can expect the remaining payments. Coronavirus and Your Money. There's not much time left for people who normally don't need to file a tax return to sign up for an advance child tax credit payment. November 12,
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