How to Retroactively Adjust a Tax Return
Mistakes can be made when filing taxes. The U.S. government knows this and makes provision for amending errors to past years' returns. Federal law limits the ability to correct or amend tax returns to those from the previous three years. So if you need to amend a return, do it as soon as you realize the error.
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Things You'll Need
- Printer
- Form 1040X
- The original tax form and instructions for the year in question
- Any tax documents that relate to the error, if available (amended W-2s or 1099s from employers or other sources)
- Envelope and postage
Instructions
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Amend Your Return
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1
Download Form 1040X from the Internal Revenue Service website. You can fill in the application on your computer, but it must be mailed in, so you will need to print out the form once it has been completed.
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2
Answer all questions on Form 1040X, including the "Explanation of Changes" field. Follow the instructions in the booklet that came with the return for the year you are amending. Recalculate your taxes based on the formulas in the instruction booklet and figure out whether you owe more taxes or less than previously stated, or if your refund should have been larger or smaller.
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3
Print the form out and sign it. Staple any amended schedules or tax documents such as W-2s or 1099s to the form, fold it and place it in an envelope. Send it to the IRS processing center nearest your home, as listed in the instruction booklet.
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Tips & Warnings
The time limits for amending tax returns may be suspended in certain cases, such as "financial disability" if you are medically unable to handle your financial obligations. Read the IRS documentation for more information.
You might be liable for fines or fees in certain instances, such as tax fraud or late filing on the original return, in addition to whatever income taxes you might owe.
References
Resources
- Photo Credit TAX TIME image by brelsbil from Fotolia.com
