Tax Day has come and gone, and you filed your taxes well before the tax deadline. But what happens if you realize you left something out? When should you amend your tax return?
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 amended tax return. However, if you need to change your filing status, claim missed tax credits and tax deductions or income, then you do need to amend your tax return.
You’ll need to file 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 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.