Taxpayers spend considerable time in preparing and submitting their annual tax returns. Every year as the New Year Celebrations come to an end most of us start working on our tax preparations. We do all the number crunching, check and double check out calculations; look for people who can clear our doubts on filling return forms. Till the very last minute these preparations go on and finally when we file our tax return there is a sigh of relief. Guess what for many these relief is short lived as they realize they have filed under the wrong status or missed out something crucial whiling filing the form. Do not worry, Take a deep breath! Your Tax returns can be amended not only that doing it is very simple and can be done even after several years after you have filed your return.
For amending your returns you can use Form 1040X and attach with the same other required schedules, forms and statements. For those who have filed their returns online, they can loin in their account and fill form 1040X. Still there is no provision to file amendment of a return online. You will have to take a print out of your filled in form 1040X and then mail it to concerned authority at Internal Revenue Service department.
Below are few common reasons why people amend their original tax returns:
- To change the filing status
- To Report any additional income during the previous Tax year.
- To claim Tax credits that was missed while filing the original return.
- To claim for additional dependents.
- Some also would like to name of dependents previously claimed for.
- Make changes on account of additional withholding
- To report changes in withholdings.
Amending of tax return primarily constitute of changes in your original return on account of new information. IRS has kept it quite simple to amend our return, however while filing your form 1040X you will have to mention the reasons why do you want to change the information mentioned by you in the original return. It is very important that you mention true and correct reasons for why you are changes the information you provided in the past to the IRS. Often reasons for change are that people forgot to mention something or the other while submitting the returns originally or they received some information concerning their income after they have filed the returns. Any which ways all we need to know is that Tax returns can be amended and the method to do the same is not so complicated.