I Have Not Received My Amended Tax Refund: What Should I Do?
What Is an Amended Tax Refund?
An amended tax refund is an adjustment to a refund you have already received from the IRS. When you file an amended tax return, you are claiming either a larger or a smaller refund than what you initially received. For example, if you made a mistake on your original tax return that resulted in you getting a larger refund than you should have, you would file an amended return and then receive a smaller refund. On the other hand, if you made a mistake that resulted in you receiving a smaller refund than you should have, you would file an amended return and receive a larger refund.
The Process of Amending a Tax Return
The process of amending a tax return is relatively simple. First, you need to fill out the appropriate form for your amended return. For most taxpayers, this will be Form 1040-X, which is the form used to amend an individual income tax return. If you are amending a business tax return, you will need to use the appropriate form for your business type. Once you have filled out the form, you need to send it to the IRS along with any supporting documents. This could include W-2 forms, investment income statements, etc.
How Long Does It Take to Get an Amended Tax Refund?
Once you have sent your amended return to the IRS, it can take anywhere from 8-12 weeks for them to process it. This timeframe can vary depending on the time of year and the complexity of your amended return. It is important to note that the IRS may take longer if they need to audit your amended return. If you have not received your amended refund after 12 weeks, it is a good idea to contact the IRS to ask about the status of your refund.
What Should I Do If I Have Not Received My Amended Tax Refund?
If you have not received your amended tax refund after 12 weeks, you should contact the IRS to inquire about the status of your refund. You can do this by calling their toll-free number or by visiting their website. When you contact the IRS, make sure to have your tax information handy (such as your Social Security number, filing status, etc.). Additionally, be sure to ask the representative for the status of your amended refund and if there is anything else you need to do to get your refund.
What If I Never Receive My Amended Tax Refund?
If you never receive your amended tax refund, you may need to file a claim with the IRS. This is called a “claim for refund and credit or overpayment” and can be done by filing Form 843 with the IRS. On this form, you will need to explain why you are filing a claim and provide evidence to support your claim. Once you submit the form, the IRS will review it and either approve or deny your claim.
Can I Receive Interest on My Amended Tax Refund?
Yes, you may be eligible to receive interest on your amended tax refund. If the IRS takes longer than 45 days to process your amended return, the agency is required to pay interest. The amount of interest you receive will depend on the amount of your refund and how long it took the IRS to process your amended return. However, it is important to note that the IRS does not pay interest on refunds that are less than $10.
How Can I Avoid Amending Tax Returns in the Future?
The best way to avoid amending tax returns in the future is to be thorough and accurate when filing your taxes. Make sure to double-check all information and keep accurate records of all documents. Additionally, you may want to consider using a tax software program or a tax professional to help you file your taxes. This will ensure that your taxes are filed correctly and avoid the need to amend your return.
Conclusion
If you have not received your amended tax refund, it is important to contact the IRS and inquire about the status of your refund. You may also need to file a claim with the IRS if you never receive your refund. To avoid the need to amend your return in the future, make sure to be thorough and accurate when filing your taxes.