Q: I just realized that I
could have claimed a tax credit this year, but I’ve already filed my return. Is
there anything I can do?
A: Yes. You can file an amended return using IRS Form 1040X. If
you are eligible to claim a credit, or perhaps a deduction that reduces your
tax bill, you should do so.
Q: What if I’ve made a
mathematical error on the tax return I already submitted?
A: Generally, you do not need to file an amended return to
correct mathematical errors because the IRS will automatically make such
corrections and send you a printed notice. Also, amended returns should not be
filed for forgotten tax forms such as W-2s or schedules; the IRS normally will
mail you a notice asking you for any such forms if they are needed.
Q: What if I’ve forgotten
to report income?
A: If you’ve forgotten to report income, you should file an
amended return as soon as possible. The sooner you correct such a mistake, the
lower any possible penalties and interest you may owe will be. Reporting the
additional income on a 1040X form could save you money in the long run.
Q: Can I submit a 1040X
A: No. Form 1040X must be filed using the paper form and mailed
in. If you are amending more than one tax return, each 1040X form should be
mailed in a separate enveloped addressed to the appropriate IRS processing
Q: How much time do I have
to file an amended return?
A: An amended return must be filed within three
years from the date of the original return or within two years from the date
taxes were paid, whichever is later.
Q: How long
will it take the IRS to process my amended return?
A: According to the IRS, it generally takes between
eight and 12 weeks to process an amended return.
Q: Where can I find more
The information for this “Law You Can
Use” column was provided by the Internal Revenue Service. It was prepared by the Ohio State Bar Association. Articles
appearing in this column are intended to provide broad, general information
about the law. Before applying this information to a specific legal problem,
readers are urged to seek advice from an attorney.
Labels: IRS, tax credit, taxes, tax returns