What is an Amended Return?
An amended return is a form used to correct errors or make changes to a previously filed tax return. This may be necessary if the taxpayer discovers mistakes, omits information, or has new documents that need to be included with their original filing. The Internal Revenue Service (IRS) allows taxpayers up to three years from the date they filed their original tax return, or two years after paying any taxes due – whichever is later – in order to submit an amended return.
How Do I File An Amended Return?
Taxpayers can use Form 1040X, which can be found on the IRS website, to file an amended return. Along with this form should also include all relevant supporting documentation and copies of any other forms you have already submitted for that tax year. Depending on what has changed since your initial filing and how recently you originally filed your taxes will determine how long it takes for you receive any refunds or additional payments owed by the IRS as a result of submitting an amended return.
Are There Any Penalties For Filing An Amended Return?
Generally speaking there are no penalties associated with filing an amended returns unless there is evidence of fraud or intentional wrongdoing in regards to your original filing or claims made while amending it; however interest may accrue on unpaid balances due from the time when taxes were originally due until payment was made following submission of the amended returns.
