Tax Planning How Do I Know if I Should Amend My Tax Return? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Philip Taylor Published Apr 6, 2017 3 min read Have you ever began clearing the clutter after you filed your taxes and found a 1099 or W-2 for that side job you did for a short time. Or maybe you received a K-1 after the tax deadline which is a common occurrence. Whether you forgot, transposed numbers, or you received essential paperwork after you filed, you can still amend your tax return, but here are some things you need to know about whether you should amend or not. You don’t need to amend if you: E-filed your tax return and it was rejected. You can simply go into your tax return and add the missing info and resubmit it. Made a small math error. The IRS will correct small math errors, however using tax software prevents math errors. Forgot to attach forms and schedules. The IRS will request them. You can amend your tax return if: Your tax return was already accepted by the IRS. Don’t amend your tax return unless it has been accepted by the IRS. There is a change in filing status, income, dependents, credits, or deductions. You are expecting a tax credit or refund. You have to amend within 3 years, after the date you filed your original tax return or within 2 years after the date you paid the tax whichever is later. Amending Basics Although you can fill out an amended tax return with tax software, you cannot e-file an amended return. An amended tax return must be physically mailed to the IRS. There is a limited amount of time that you have to file your amended tax return. You need to file your amended tax return, within 2 years from the date of which you paid your tax or within 3 years from the date of which you filed your original tax return which is now being amended. Deductions and Credits If there are any tax deductions or credits that you didn’t realize you qualified for, you can reclaim these tax benefits by submitting an amended tax return. The same is also true if you have mistakenly applied credits and/or deductions that you haven’t qualified for. No matter whether you’ll get more or pay more, these oversights should be corrected with an amended tax return. Dependents and Filing Status The last two areas that may necessitate an amended return to the IRS are the dependents that you’ve claimed (or failed to claim), and your filing status. As for dependents, the situation is similar to that of the tax deductions and credits oversight. If you’ve missed claiming a dependent on your original tax return or if you mistakenly claimed an unqualified dependent, you need to file an amended return to correct your tax return. As for filing status, the IRS will allow a status switch from married-filing separate to jointly, however switching from married-filing jointly to married-filing separately is not allowed once the tax due date has passed. Individuals are, however, given the freedom to change their filing status from widow/widower to head of household, if their situation fits the criteria. Previous Post Real Talk: I Recently Lost My Job. Am I Able… Next Post You Can Deduct That? 6 Surprising Tax Deduction Tips for… Written by Philip Taylor More from Philip Taylor 2 responses to “How Do I Know if I Should Amend My Tax Return?” Is the mortgage interest on home equity debt (HELOC) on/secured by your first home, which was used to finance the building of your second home, all tax deductible up to the $1 million limit ? Reply thanx but as a perm & toltally disabled vet and my wife who woks 15 hours a week I think were good thatnk you Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
Is the mortgage interest on home equity debt (HELOC) on/secured by your first home, which was used to finance the building of your second home, all tax deductible up to the $1 million limit ? Reply
thanx but as a perm & toltally disabled vet and my wife who woks 15 hours a week I think were good thatnk you Reply