When Do I Amend My Tax Return?

Tax Planning

For the last couple of years we’ve waited until about March to file our taxes even though we start the process as soon as we start receiving documents like our W-2s and 1099s. It’s not because we usually owe for the previous year,  it’s because we want to make sure we collect all the necessary documents before filing it. Many times, this year included, we received a 1099 later than the others, sometimes by two weeks or more. With everything accounted for, we go ahead and file our tax returns.

Amended Tax Return
Amended Tax Return

But what if we were wrong? What if we missed a form? What’s the procedure for that? In that case we may need to amend our tax returns.  For anyone who thinks that may have to do that, here is some information to help it be as painless as possible.

How Do I Amend My Tax Returns?

First off, make sure you need to amend your return . If you’ve made minor math errors, the IRS states that the service center will be able to handle that without requiring a 1040x. However if you need to change your filing status, credits, tax deductions, or income, then you do need to amend your tax return.

You’ll need to fill out a 1040x Amended U.S. Individual Income Tax Return, print and sign it, and then mail it in since you can not e-file it. It takes about 8-12 weeks for the IRS to process it after they have received the amended tax return.

If you’re amending a tax return and are expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your 1040x (you may cash the check you received). If you need help with amending your tax returns, TurboTax can guide your through the process.

But wait, don’t hit the amend button so fast!  There is another situation where you do not have to file an amendment.  Did you already e-file your tax return and just receive a K-1 or 1099?  If you did, but your tax return was rejected by the IRS you may not be happy about the IRS rejection, but you should be happy to know, you don’t need to amend your tax return.  All you need to do is fix your tax return and resend it.  And if you used TurboTax, there’s more good news. TurboTax will guide you through fixing your tax return.

Thoughts on Amending Tax Returns

I’d love to hear about you and how you did with taxes. How many of you had to amend a tax return? How did the process go for you?