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IRS Form 1040X: Fill it to Amend Your Income Tax Return

Audrey Goodwin

2024-04-18 11:56:27 • Filed to: Fill IRS Forms 1040 • Proven solutions

Tax payers are required to file tax return form every year, while sometimes errors are unavoidable, because of reasons like wrong hand-writing numbers or characters. What can you do then? Form 1040X is the form which itemizes all essential adjustments and tax payers can use it for recording type and amount of each amendment as well as specify the amendment items and reasons for them.

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What is the Purpose of Form 1040X

Form 1040 X is used to:

Rectify and Correct form 1040, 1040A, 1040EZ, 1040 NR, 1040NR-EZ.
To conduct elections after the prescribed deadline.
Change amounts previously adjusted by IRS. Interests or penalties should not be mentioned on Form 1040X as they are automatically adjusted accordingly.
Claim for Carryback because of some loss or unused credit.

When to file:

Form 1040X should be filed after filing your original tax return. For obtaining refund , File form 1040X within 3 years (Including Extensions) after the date you filed your original return or within two years of tax return.

Where to file:

See IRS website for complete details according to your region.

Step by Step Guide for How to Fill in Form 1040X

Step 1 : Fill in Basic Info

Enter all the personal details in this section. You should also fill in the social security number and your spouse's social security number if you are married. The amended return filing status is a must check box you should select, check one based on your personal filing status.

Step 2 : Column A

In this space enter the amount from your original tax return. Enter the adjusted amounts if the return was amended earlier or altered by IRS.

Step 3: Column B

For each of the line being changed, enter the total upsurge or decrease.

You have to describe each change in Part III of the form. If you need more space to explain, attach a statement on separate sheet.
Attach any schedule or form relating to change. As an instance, attach Schedule A (form 1040) if you are amending form 1040 list deductions.

Step 4: Column C

To figure the amounts to Enter in this column:

Add the increase in column B to the total amount in column A or;
Deduct the decrease in column B from the number in Column A.

For items which are not being changed, enter the amount from column A in Column C.

Note: Be careful to show any negative numbers (losses or decreases) in Parenthesis in columns A, B, or C.

Step 5: Refund or Amount You Owe

The section has been devised to assist you to estimate the additional tax owed by you or the excess amount paid by you. All of your payments for the tax year (which is to be amended) received up to date of this amended return are considered including any overpayment or after adjustment. Luckily, it's just like using the new information to complete your original return. If the result indicates a greater overpayment than previous, the difference between turns into your new overpayment.

Step 6: Part III

Since form 1040X can be used for several purposes therefore IRS needs to exactly why you are filing form 1040X. It may be one of the following reasons:

You have received another form W-2 after you filed your return.
You disremembered to demand the child tax credit.
You discovered that you could claim a tution and fees deduction for 2012 or 2014.
You changed your filing status from a qualified widower to head of house hold.
You have an unused NOL or credit to an earlier year in your possession.

Note: If you and your spouse are amending a Joint return, mention your names and SSN's in the same order as you mentioned on your original return.

Tips and Warnings for IRS Form 1040X

Form 1040X can be downloaded from the web source or from the IRS official website. Obtaining the Form 1040X may be easy, but it's not so simple to fill in as no one likes the idea that you find errors for this form.
Please file a separate form 1040X each year. If you are altering your federal return, you may need to alter your state return.
If you file form 1040X for a refund or credit for more amount than allowed to you, a penalty of 20% disallowed money will be levied onto you.
Do not file more than one original tax return during the year. It can delay the refund process.
File your current address on form 1040X even if you have moved since filing your last return.
Federal taxes on business can be filed an paid electronically. Use electronic submission for quicker response.
Any one you may ask to prepare your return has to sign it and has to include their preparer tax identification number in the space provided. Anyone who prepares your return without charging anything should not sign.