What You Need To Know About Irs Amended Tax Return Status
Filing taxes can be a complicated process, especially when it comes to getting the most accurate return possible. Whether you’re preparing your taxes yourself or relying on a professional, mistakes can occur. In order to make sure your tax return is accurate, it’s important to understand when you need to file an amended tax return, and the status of your amended return.
What Is an Amended Tax Return?
An amended tax return is a way to correct any errors or omissions on your original return. This includes any changes to your filing status, income, deductions, or credits. The IRS allows taxpayers to amend returns up to three years after the original due date. For example, if you’re filing a return for the 2020 tax year, the deadline to amend that return is April 15, 2024.
When filing an amended return, it’s important to provide all the necessary documents and forms. This includes amended W-2 forms, 1099 forms, and other relevant documents. Additionally, you must include Form 1040X, which is the amended return form. This form is used to explain the changes you’re making to your original return.
What Is the Status of an Amended Tax Return?
Once you’ve filed your amended return, the IRS has up to 16 weeks to process it. During this time, you can check the status of your return using the IRS “Where’s My Amended Return?” tool. This tool will allow you to track the status of your return and see if the IRS has accepted or rejected your amended return.
If your return is accepted, the IRS will send a check or direct deposit to the address listed on your return. The entire process can take up to 16 weeks, so it’s important to be patient. Additionally, if you’re expecting a refund, the IRS will subtract any refund amount you received from your original return.
What Happens If My Amended Tax Return Is Rejected?
If your amended tax return is rejected, the IRS will send you a notice explaining why. This could be due to an error or omission in your amended return, or it could be due to a discrepancy between your original and amended returns. If this happens, you can file a corrected amended return with the necessary documents and forms to make sure your return is accurate.
Are There Any Penalties for Filing an Amended Tax Return?
The IRS doesn’t impose any penalties for filing an amended tax return. However, if you owe money on your amended return, the IRS may charge you interest. This interest applies to any unpaid taxes or penalties that may be due.
Can I File an Amended Tax Return Electronically?
Unfortunately, you cannot file an amended tax return electronically. You must file your amended return on paper, using Form 1040X. Additionally, you must include all the necessary documents and forms with your amended return.
Conclusion
Filing an amended tax return can be a complicated process, but it’s important to make sure your return is accurate. To make sure your amended return is accepted, it’s important to include all the necessary documents and forms, including Form 1040X. Additionally, you can check the status of your amended return using the IRS “Where’s My Amended Return?” tool. Once your amended return is accepted, you may receive a refund or be required to pay additional taxes and interest.