How Can You File an Amended Tax Return?

All tax payers who feel that they have not reported or have understated their income in their tax return have the option of rectifying this all by filing an amended tax return. As the consequences of an incorrect or incomplete tax return are known by most tax payers, this option of filing an amended one is a real boon in this crucial time. If you have missed to add the allowable deductions or various credits in your tax return, then you can go ahead to add this information in the amended income tax return.

The very first step required in filing an amended income tax return is to access the Form 1040X by visiting the official website of Internal Revenue System. You have to understand that there is no facility provided by IRS to file your amended tax return by electronic means. If you are claiming for a refund, then it is suggested that you should file the amended tax return within three years of filing the original one. Once you have the FORM 1040X in your hands, you should start filing the complete information regarding your personal information such as your name, address, SSN and your filing status. It is very important to provide the year in which you filed the original tax return.

If you have filed a joint return previously and now are looking to change the filing status to independent, you have to understand that this is not at all possible. Form 1040X has three main columns, namely column A, B and C. in Column A, you are required to fill the amount from your previous or your original tax return; whereas in column B, you require to put the modified information that might consist of original amount of acceptable deductions and credits. In column C, you are required to indicate the added or subtracted amount as compared to the one that you have mentioned in column A. In line number five of column C; you also need to fill in the correct details or latest taxable income.

In line number six of column C, you have fill in the rectified tax liabilities, by making use of various tax schedules that are applicable to the year of your original tax return. If AMT is applicable, then you are also required to include that amount in the line number six of column C. The last in formation that you require to fill in is the net tax difference in the original and amended return and this has to be filled in the line number twenty three. It is always better that you provide IRS with the documented proofs of the changes that you have made.

Once you are done with all this process, you just have to print this form 1040X and visit the nearest IRS center to get it deposited. If you owe any taxes, make sure that you include the payment check along with the amended return.