While filing the tax returns, you will have to avoid making any mistakes. Otherwise, you can even receive an audit from the IRS. This again can lead to problems in the future and you may incur tax debt in the process. In such a situation, you may have to opt for tax debt settlement or any other such tax debt relief option just like debt relief with regards to any other debts you may have. However, mistakes do happen and is common too. So, if you are able to find out that you had made a mistake last time while filing the returns, it would be wise of you to file an amended tax return. The amended tax return is mainly filed in order to make revisions on the tax return made previously. This helps with correcting the filing status and so majority of the people who make mistakes with the filing do take this route.
Filing the amended tax return
While filing your amended tax return, you will have to make sure that you know how to do this. For, if you make mistake a second time, things can get more complicated. First of all, you should know that it is the Form 1040x – the Amended U.S. Individual Income Tax Return which is required in order to file any of the amended tax returns. This helps in correcting the tax returns which were filed previously under the 1040EZ, 1040A, or 1040. The actual processing time that this may take is in between 8-12 weeks.
Tips on filing the amended version:
- Remember to write the year when the tax return was made against which you are going to amend. This will have to be mentioned at the top of filing form.
- While filling the form, remember to provide the reasons as to why you want to change the previous filed return IRS.
- The form 1040 x, which you will be using to file the amended returns, has 3 divided in columns. The Column A is on the information about the original tax returns. The Column B has information against the adjustments. The Column C is about alterations made between the two columns.
Other than the above, it is also important for you to keep this in mind that this filing will have to be done only through your mail. This is because the submission of the form 1040x is not possible through the electronic system. This time, it is also important for you to double check what you are providing so that you do end up making any more mistakes.