For most folks tomorrow marks the one week anniversary of filing their 2014 tax return. Not much needs to be done after they’ve filed except for deciding to have more withheld in 2014 for those folks who had to write a check to Uncle Sam or deciding what to do with the refund (hint: put it in an IRA) for those folks who got a refund.
What happens when the return may have been submitted with mistakes or perhaps costly errors? Generally, if the error is minor the IRS will correct errors or accept returns without certain forms or schedules attached.
For those returns that have a change in filing status, income, deductions, and credits then filing an amended return will most likely be appropriate. For those folks needing to file an amended return they are allowed to file using form 1040X. Form 1040X will allowing corrections to earlier filed returns that used 1040A, 1040EZ.
If a person needs to file for separate years then a separate 1040X must be filed for each tax year that’s being amended.
According to IRS topic 308 keep the following points in mind:
- Attach copies of any forms or schedules that are being changed as a result of the amendment, including any Form(s) W-2 received after the original return was filed.
- Tax forms can beobtained by calling 800-829-3676 or visiting www.irs.gov.
- An amended tax return cannot be filed electronically under the e-file system.
- Normal processing time for Forms 1040X is up to 12 weeks from the IRS receipt date.
Generally if a refund is to be claimed the amended return needs to be filed within 3 years after the due date of your original return or 3 years after the date you filed your return if you filed for an extension.
Sterling Raskie, MSFS, CFP®, ChFC®
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