Correcting Your Tax Return Electronically

Even the most careful taxpayer could end up making a mistake when preparing or submitting a tax return. Fortunately, it is possible to amend one’s return without incurring any penalties. In fact, one of the best ways to do so is online. Recently, the IRS opened this option up to even more tax return-related forms, a development that will hopefully result in a quicker review process and more speedily issued refunds.

Submitting Form 1040-X Online

Filing tax returns can be complicated, as it requires the careful calculation of income, deductions, and credits. Even a minor error could have serious repercussions for a taxpayer, impacting whether or not someone receives a refund, or qualifies for a deduction. Making mistakes when filing a tax return is much more common than most people realize. In fact, as many as three million taxpayers file Forms 1040-X to amend their returns every year. While taxpayers still have the option to submit a paper version of the form, doing so online is often simpler and faster. It’s even possible for taxpayers to amend their returns electronically if they need to change their filing status or to add a dependent who was previously claimed on a different return.

Taxpayers who need to amend a return for multiple years must use separate forms for each year. Most have three years from the date of the submission of the original return to file an amended return in order to claim a refund, or two years from the time they paid the tax, whichever date is later. For help ensuring that your own amended return is filed by the proper deadline, call our office today.

Submitting Other Tax-Related Forms Electronically

In 2020, the IRS started allowing taxpayers to file amended returns electronically. Since then, they have expanded this feature to:

• Forms 1040-NR, U.S. Nonresident Alien Income Tax Return;
• Forms 1040-SS, U.S. Self-Employment Tax Return; and
• Forms 1040-PR, Self-Employment Tax Return for taxpayers in Puerto Rico.

Besides helping taxpayers make corrections to their tax returns and related documentation much more easily, filing amendments online should also help with the current backlog of amended returns, meaning that the IRS can review them more quickly. A new electronic box has also been added to these forms that taxpayers can check if a superseding return is also being filed electronically with the form. A superseded return is one that was filed after an originally submitted return, but still prior to the due date.

Set Up a Free Consultation Today

If you made a mistake when filing your tax return, you may have that option of amending that return online. For help with the tax return filing or amendment process, don’t hesitate to reach out to dedicated tax return preparation lawyer, CPA, and former FBI Special Agent Ronald Cutler, P.A. Call 386-490-9949, or send us an online message to schedule a free initial consultation with a member of our legal team today.

Sources:

irs.gov/newsroom/irs-taxpayers-now-have-more-options-to-correct-amend-returns-electronically

irs.gov/forms-pubs/about-form-1040x