As per the Kentucky state and federal tax laws, taxpayers are required to file their income tax returns by the due date, which is generally by the second week of April. Individuals who wait for the deadlines often end up filing their tax returns in haste, which may lead to inaccuracies or mistakes in the return.
However, the good thing is that you can rectify the mistakes made while filing a return with an amended tax return. Nonetheless, you can avoid making such mistakes altogether by taking the help of a tax advisor in Louisville, KY.
Understanding when to file an amended tax return
Form 1040-X, or amended tax return, allows individuals to rectify the mistakes made on a federal tax return. You will have to fill out the amended tax return form 1040-X with the IRS, and they will reconcile the errors in your original return related to filing status, tax liability, income, deductions, etc.
You might need to file an amended return in case:
- The tax filing status in your return is incorrect.
- The details of dependents are misreported in your return.
- You did not include taxable income in your original return.
- You forgot to claim or incorrectly claim a tax deduction credit.
However, according to the IRS, you might not need to file an amended return if your tax return contains insignificant mistakes, such as a minor calculation error.
Further to the above, you have to file an amended return within the stipulated time frame to claim a refund on your return:
- Within two years from the date of paying the tax
- Within three years from the due date of filing the original return
Filling out the form 1040-X
Here’s how you can file an amended tax return by filling out the form 1040-X:
- Go to the IRS website and locate the FOrm 1040-X under the “Forms & Instructions” section.
- Keep all the necessary information and documentation handy, like original tax returns and supporting documents for the required changes.
- Fill out the personal information. Mention the details of the original return information, changes required, and correct amount in columns A, B, and C, respectively.
- Submit Form 1040-X by mail or e-file. Also, ensure to include a copy of corrected additional forms, such as 1099s, W-2s, etc., along with schedules and other documents to support your amended returns.
Tracking the status of your amended tax return
Here’s how you can track the status of your amended tax return:
- Go to the “Where’s My Amended Return?” page on the IRS website.
- Click on the “Check your amended return status” button.
- Provide the desired information like Social Security Number, Date of Birth, Zip Code, etc.
- You can also call 866-464-2050 to track the status of your amended return.
