How to File a 1040X
Are you afraid of making a mistake on your taxes? Are you afraid that you already have? Don't worry. There is a simple procedure to correct your tax return. You can file an amended tax return using Form 1040X regardless of whether you made an error or received new information. The process is the same whether you will be receiving a refund, or have an additional amount due, although your feelings about the situation may be considerably different.
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Instructions
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1
Check the date. You have 3 years from the due date of the affected return to file an amended return.
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2
Calculate the difference which your new information will make in your return. You can do this with tax software for the applicable year or with a paper 1040 form.
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Complete the first page of the 1040X. This involves listing the key information from your original return in three columns: Original Amount, Net Change, and Correct Amount.
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Complete the Exemptions section in Part 1 on page 2 if you are changing the number of exemptions you wish to file.
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Find any line numbers on the previous page which had changes and list them on Part II of Form 1040X, the "Explanation of Changes." These explanations should be factual and straightforward. Some good examples are "Found another W-2" or "Adding previously omitted deduction."
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Mail your Form 1040X to the address listed for your region (see Form 1040X instructions below). Attach any supporting documentation as well as forms and schedules which reflect the changes made.
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Repeat as necessary. Use a separate 1040X for each year which you need to correct.
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Tips & Warnings
If you find out about a new deduction that you can use on the current year's taxes, you might want to check if you can amend a previous year's tax return as well. Form 1040X can also be used to carryback net operating losses, capital losses, general business carrybacks, and bad debts or worthless securities. For bad debts and worthless securities, the deadline is 7 years rather than 3. Natural disasters such as hurricanes and floods may entitle taxpayers to special credits which can be taken by filing an amended return. Check with the IRS or a tax professional for specific details.
