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Tax Tips | Need to Amend Your Federal Income Tax Return?
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Need to Amend Your Federal Income Tax Return?
If you forgot to include some income or to take a deduction on your tax
return --- you can correct it by amending your tax return.
In some cases, you do not need to amend your tax return. The Internal
Revenue Service usually corrects math errors or requests missing forms -- such as
W-2s or schedules -- when processing an original return. In these instances, do
not amend your return.
However, you should file an amended return if any of the following were
reported incorrectly:
* Your filing status
* Your
dependents
* Your total income
*
Your deductions or credits
You may also elect to amend your 2009 return if you are eligible to claim the
first-time homebuyer credit for a qualified 2010 home purchase. The
amended tax return will allow you to claim the homebuyer credit on your 2009
return without waiting until next year to claim it on the 2010 return.
Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct a
previously filed Form 1040, 1040A or 1040EZ. Be sure to check the box for the
year of the return you are amending on the Form 1040X, Line B. If you are
amending more than one tax return, prepare a 1040X for each return and mail them
in separate envelopes to the appropriate IRS processing center.. The 1040X
instructions list the addresses for the centers.
The newly revised Form 1040X (Rev. January 2010) now has only one column used
to show the corrected figures. There is an area on the front of the form where
you explain why you are filing Form 1040X.
If the changes involve other schedules or forms, attach them to the Form
1040X. For example, if you are filing a 1040X because you have a qualifying
child and now want to claim the Earned Income Credit, you must attach a Schedule
EIC, Earned Income Credit to show the qualifying person's name, year of birth
and Social Security number.
If you are filing to claim an additional refund, wait until you have received
your original refund before filing Form 1040X. You may cash that check while
waiting for any additional refund. If you owe additional tax for 2009, you
should file Form 1040X and pay the tax as soon as possible to limit interest and
penalty charges. Interest is charged on any tax not paid by the due date of the
original return, without regard to extensions.
Generally, to claim a refund, you must file Form 1040X within three years
from the date you filed your original return or within two years from the date
you paid the tax, whichever is later.
Form 1040X and instructions are available at http://www.IRS.gov or by calling 800-TAX-FORM
(800-829-3676).
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