April 13, 2007, Newsletter Issue #60: Amended Tax Return

Tip of the Week

You have filed your 2006 income tax return and find more income or expenses that you should have claimed/reported on your Form 1040. What do you do? You need to file an amended return. You must obtain the paper form and submit it via ‘snail mail’ to the IRS. (Be certain to keep a copy for your own records). Filing an amended income tax form cannot be done electronically. Here is some information you need to know about an amended return.

First of all, use Form 1040X– Amended U.S. Individual Income Tax Return. The timeframe for filing an amended return is three years from the date you originally filed your tax return. For instance, to file an amended return for your 2006 tax return, you have until April 15, 2009 to file an amended return.

You can use this form to correct a mistake or to claim a refund on the original income tax return. For instance, if you did not report some income (like when you receive a Form 1099 after your filed your 1040), you claimed deductions or credits you should not have claimed or vice versa. You also need to file an amended return when you need to change your filing status on your original tax return (stipulations apply).

When you complete Form 1040X, you need to have your original tax information available. You need to write in your original income, deductions, and any credits taken on your original tax return. You also will report the changes you are making, and any correct amounts. Finally, figure your new tax based upon these new figures. Include your tax payment, if any, along with your amended return.

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