Can You Amend Taxes Twice?

Often taxpayers file their tax returns only to later discover that they either omitted an item from the return or made an error on the return. Fortunately, taxpayers are allowed to amend their tax returns to make the necessary corrections.

Significance

Taxpayers are allowed to make as many adjustments as necessary to their original returns by filing amendments. The IRS has no set limit on the number of amendments that can be filed.

Features

Form 1040X is used to complete amended returns. It can be downloaded at irs.gov or ordered by calling [phone] (TAX-FORM).

Considerations

The time frame for processing an amended return is 8-12 weeks. Also, the return cannot be filed electronically and thus must be mailed to the IRS.

Exceptions

IRS statute of limitations prevents a taxpayer from receiving a refund from an amended return that is older than three years. The only exception to this rule is for taxpayers who made payments toward a balance for the tax year in question, in which case, statute begins at the date of the last payment.

Warning

Most taxpayer math errors are corrected by the IRS and do not require amended returns. If the IRS makes a change to your return, you will usually receive a letter in the mail documenting the change in four to six weeks.

References

• Form 1040X Instructions
• Amended Returns
• Top Ten Facts About Amended Returns

Resources

• Form 1040X