Imagine a situation when you discover that you have made certain errors while filing your income tax return. The first question that comes to your mind is how to amend and refile it again. Fortunately, there is a provision which allows you to do so. This process can be demanding, but a complete know-how can make the task look less daunting. One important point to remember is that the return can be amended only within three years of the initial filing and after that changes cannot be made. So, if you did make some errors while filing your return, do not panic, check the steps mentioned below to get it amended.
- The first thing that you need to do is to ensure that the errors that you made earlier, are not repeated. So, carefully review all the totals, deductions, credits etc., before you start preparing the amended return.
- The amended information needs to be filled in Form 1040-X. You can download this form from the Internal Revenue Service (IRS) website or even call their helpline to get a copy sent across to you.
- This form has three columns - A, B, and C. In column A, you have to mention the information from your previous return; in column B, you list down the differences; and in column C, you have to put the corrected information.
- Make sure that you have documented proofs of all the changes that you are making, as these returns are audited by the IRS officials.
- Finally, you can submit the amended return to the IRS either by mail or deposit it personally at a local IRS office.
Avoid These Common Mistakes
- The most common mistakes are made while entering the figures. Stay patient and ensure that you are entering all the digits correctly. If possible, take the help of a family member who can double-check them for you.
- While submitting your return, make sure that you have signed the document, and mentioned your social security number and tax ID number correctly. If any of these is incorrect or not filled, chances are that your refund would be delayed.
- Attaching relevant forms along with your return ensures speedy processing from the IRS' end. Some of the important forms that you need to attach are Form W-2, Form 1040, Form 07, etc. Also, make sure to attach them to the front of the return sheet.
- Maintaining all the bills, receipts, etc., over the course of a whole year is a bit difficult and many taxpayers fail to do so, which creates problems at the time of filing. Verify all the tax-deductible items by taking a look at your investment receipts, and bank and credit card statements.
- We understand that a lot of people reluctantly pay up, but sending an unsigned check won't make things any better! This is one of the most common mistakes taxpayers make while filing their returns.
Avoiding these mistakes will ensure a speedy processing and refund. Nevertheless, as they say 'To err is human', even if you have made some errors, do not worry, you can always start again!