Did you make errors in your income tax returns? It happens, and taxpayers get relief with the 1040X form. If you have forgotten about credit or tax deduction and need to include details regarding income, an amended tax filing is ample. Still not clear? Let us dive into detail and know more about the 1040X form.
What is the 1040X form?
The IRS provides a 1040X form for amending US individual income tax forms. For individuals identifying errors in the tax returns, have not taken credits or deductions, then amending tax returns is possible with Form 1040X. The above-mentioned form mandates you to update the numbers that need correction.
The 1040X form is mandatory for the correction of tax calculations. It includes changing the number of dependents, filing status, for correcting deductions and income credits. Taking action before the due date earns you benefits.
- Form 1040X is vital for taxpayers to amend tax returns.
- The above-mentioned form needs to be filed three years after filing the original return. The other possibility is within two years of paying tax.
- By filing form 1040X, taxpayers must amend their state tax returns too.
About filling form 1040X
For filling the amended return, the original tax return copy is important. Making corrections in the margins of old tax returns before filling form 1040X is better. This is available online too. For making corrections in the original tax return, additional documents may be required. For example, if changes are necessary to adjusted gross income or to know the federal income tax withheld with your paychecks, a W2 form is mandatory.
To complete the form 1040X filing, you may need to attach certain other forms. For example, if you have already taken the standard deduction and you itemize deductions to reduce tax liability, a copy of Schedule A is necessary to be attached with the amended tax return. This is necessary due to itemization.
A good piece of advice is to take time for filing Form 1040X to avert additional mistakes. Another tip is to double-check to claim the tax returns and deductions that you are eligible for.
Who must file form 1040X?
Filing form 1040X applies to anyone who filed a tax return and wishes to do the following.
- To make corrections after the deadline
- Individuals desiring to correct form 1040, 1040 NR-EZ, or 1040 NR
- For claiming carryback due for unused credit or loss
- Taxpayers looking for correcting amounts previously adjusted by the IRS.
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