TurboTax Tip: You must amend a return within three years of the original filing deadline, or within two years of paying the tax for that year. The IRS notes that it takes approximately eight to twelve weeks to process amendments, so be on the lookout for your refund after this time. Additionally, many small business owners can use the form to carry back net operating losses that occur in one of the subsequent two tax years. When you use Form 1040-X to claim additional deductions or credits or to correct an error that reduces the amount of tax you owe for that year, the Form 1040-X serves as your formal claim for a refund. Since it may be necessary to prepare additional forms or schedules, be sure you use the ones required for that specific tax year. If your changes affect more than one tax return, you must file a separate Form 1040-X for each tax year. You can amend your taxes as long as your original tax return was prepared using Forms In addition to information from the original tax return you’re amending, you’ll need documentation that relates to your changes, such as proof of payment for a new deduction you’re claiming.You must file a separate Form 1040-X for each tax year you wish to amend.You can amend your taxes as long as your original tax return was prepared using Forms 1040, 1040-SR, 1040A, 1040EZ, 1040EZ-T, 1040NR, or 1040NR-EZ.
AMENDED TAX RETURN UPDATE
With Form 1040-X, you only update the numbers that will change.
You don’t have to complete a new tax return. You may be able to amend a previously filed tax return by filing a Form 1040-X.
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