Sometimes people make errors when filing their federal income tax returns. In some instances, submitting an amended return is required. Here’s
what to know about whether you need to refile and how to go about it.
1.Determining when to amend: Reasons include...
•Correcting filing status
•Altering the number of dependents
•Amending total income
•Claiming tax deductions or credits that weren’t claimed originally
•Incorrectly claiming a premium tax credit for health insurance
•Receiving a corrected or voided Form 1095-A health insurance statement
2.Determining when not to amend: The Internal Revenue Service (IRS) will correct math errors and notify you by mail of a form or schedule that
is required to be submitted.
3.Selecting the right form to complete and what to insert: Amendments must be made on an actual paper copy of Form 1040X – it can’t be filed electronically.
3.1.Check the box at the top to show which year you’re amending.
3.2.Write the amount(s) from the original return in Column A.
3.3.Write the net increase or decrease in the amount(s) you’re changing in Column B.
3.4.Put the corrected amounts in Column C.
3.5.Explain what you’re changing and why on the back of the form.
4.Submitting amendments for more than one tax year: You must submit a separate Form 1040X for each amended year and mail each one in a separate
5.Attaching additional documentation: If your changes relate to other tax forms or schedules, attach them to Form 1040X to prevent delays in processing.
6.Timing submission of an amended return: If you’re waiting for a refund from your original tax return, don’t file the amended one until you receive
the refund. (You may cash the refund check from your original return.) It takes up to 16 weeks to process an amended return.
You can claim a refund no more than three years after filing your original return or no more than two years after paying the tax, if that’s a later
7.Paying additional tax: If you’re refiling because you owe additional tax, submit Form 1040X and pay the tax as soon as possible to limit interest
and penalty charges.
8.Tracking your return: Search “Where’s My Amended Return?” on the IRS website three weeks after you file.
Still confused by how or whether to refile a return and what to do about the health insurance tax credit? Your tax preparer or accountant can quickly
determine if refiling is necessary and submit the relevant forms if required, thus ensuring that you avoid penalties and receive refunds promptly.