If you’ve realized that you filed a tax return with incorrect or incomplete information, you may be able to file an amended tax return to correct the mistake. This happens when you overlook income from a job or file a return and then receive an additional W2 or 1099. The incorrect tax return can lead to tax trouble with the IRS. Or maybe you realized that you filed with the wrong status or missed a deduction and should have gotten a higher return. We can help with the IRS form and the process for how to amend a tax return from a prior year.
The Deadline for Filing an Amending Return
If you filed an individual tax return, you have up to three years to file an amended return. To amend the return, you can file IRS Form 1040X.
To ensure the amended return is prepared and filed correctly, work with a knowledgeable tax relief specialist such as Tax Resolution Group. Tax Resolution Group helps people resolve tax issues and find relief by amending incorrect returns. We’ll help you catch up on unfiled tax returns and settle tax debt – often for far less than what you actually owe the IRS. Even if you have years of unfiled taxes, Tax Resolution Group can help.
How Amended Tax Returns Work
If you made a mistake in the math on your tax return, you may not need to file an amended return. Simple math mistakes are often corrected automatically. However, you may need to file an amended return for one of the following reasons:
- You need to change your filing status. For example: A change from Single to Head of Household could make a significant difference in the amount of money you get back.
- You need to change your taxable income. For example, you may have forgotten to report income from a temporary job or side gig.
- You missed an allowable deduction or credit that would result in you receiving a higher tax return.
- There may be other situations that would make it necessary to file an amended return. Request a Free Consultation if you have questions about how to amend a tax return from a prior year.
Resolving Tax Debt
Amending a tax return for a missed deduction or credit might result in you getting more money back. However, missed income is likely to result in you owing more taxes to the IRS. Unreported income is a common mistake, but the IRS may add penalties and interest to what you owe. In many cases, Tax Resolution Group can help reduce the amount you owe.
Form 1040X is used to amend a prior tax return. Yyou must file a separate Form 1040X for each year that needs to be amended. When you file an amended return, you are essentially adding the corrections to the original return. The original return should not be attached, but Form 1040X requires that each change must be explained with a clear reason. Any new IRS forms or supporting documents that relate to the changes must be attached. If you are required to file a state return, that may also need to be amended, especially if an increase in income is reported on the Form 1040X.
If this sounds complicated, know that you don’t have to do it alone. Tax Resolution Group can help you amend prior year returns.
Do You Owe Back Taxes?
If you are already in debt to the IRS or think you will be if you file an amended return, you need to consult with an experienced tax resolution firm. At Tax Resolution Group, we have been helping taxpayers negotiate with the IRS and resolve tax debt cases for many years. We specialize in tax problem resolution and can represent you before the IRS. We offer tax resolution services in Sarasota, Florida and virtually. Don’t hesitate to contact us for a free consultation regardless of where you are located.
Tax Resolution Group
Tax Resolution Group specializes in fixing tax problems. We offer proactive tax services including tax resolution, tax planning, tax preparation and audit support. We offer in person, virtual service or socially distanced service, and we are ready to help you. Call us for tax help today at 941-413-2799 or Request a Free Consultation.