The 1040-X: Amended U.S. Individual U.S. Income Tax Return is a form used by taxpayers who need to correct an error in a previously filed federal tax return. Common mistakes corrected with this form include errors in the taxpayer’s filing status or number of dependents or omissions of credits or deductions.
What is a 1040X form?
- IRS Form 1040X is the Amended U.S. Individual Income Tax Return form. It’s what taxpayers use when they need to make changes to a personal income tax return they’ve already filed.
For what purpose is the 1040X tax form used?
When you use Form 1040X to claim additional deductions or credits or to correct an error that reduces the amount of tax you owe for that year, the Form 1040X serves as your formal claim for a refund.
What is the difference between Form 1040 and 1040X?
Errors on tax returns can happen, even for tax professionals. Form 1040X allows preparers like you to modify information that was incorrectly submitted on your client’s return. If a client fails to disclose information like a W-2 or a side gig, you will need to amend their return.
Should I file a 1040X?
This is because filing a 1040X form is only necessary to correct certain types of errors or omissions on an original tax return after it’s been filed with the IRS. If you do claim a new deduction or tax credit that requires additional forms or schedules, you must be sure to file them with the 1040X.
How do I get my 1040X?
To file an amended tax return, you can either e-file or download a paper Form 1040X from www.irs.gov. You must mail the paper form if you choose to paper file. You can also do so with the help of H&R Block, with our various filing options and products.
How much does a 1040X cost?
There’s no charge to file an amended return (1040X). You’ll have to file it on paper (print, sign, and mail) since IRS won’t accept e-filed amended returns.
Which version of 1040X should I use?
For any year’s amended return, the revision of Form 1040X that first covered that year, the revision prior to that one, and any subsequent revision can all be used to amend that year’s return, regardless of when it is filed.
Is there a penalty for filing an amended tax return?
Don’t automatically assume you have to pay a penalty. If you amend your return before it is due (before April 15), then your amendment is timely, and no interest or penalty will accrue. Also, the IRS can be quite reasonable, especially for a first-time mistake.
Is Form 1040X available for 2020?
Electronic Filing Now Available for Form 1040-X You can now file Form 1040-X electronically with tax filing software to amend 2019 or 2020 Forms 1040 and 1040-SR. To do so, you must have e-filed your original 2019 or 2020 return. For more details, see our August 2020 news release on this topic.
Can TurboTax file 1040X?
Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software’s instructions to e-file the amendment. To amend a return for 2018 or earlier, you’ll need to print the completed Form 1040-X and any other forms you’re amending.
How much does it cost to amend your taxes?
No, it does not cost money to amend your taxes. Just remember that you can only amend taxes as far as 3 years back. And know that all amended taxes have to mailed. 1.
When can I expect my amended tax refund?
As a reminder, amended returns take up to 16 weeks to process. It can take up to three weeks from the date you mailed it to show up in our system. There’s no need to call the IRS during that three-week period unless the tool specifically tells you to do so.