It is always an overwhelming process when tax season rolls around, particularly when you need to make some corrections on your tax return. The positive news is that the IRS allows you to correct your errors by filing for amendment returns electronically. However, there are some key details that you should be aware of.
Can you file an Amended return electronically?
The answer to this question is yes. You can file for an amended return electronically by using IRS Form 1040-X. This electronic filing of Form 1040-X started in 2020. This process was Analyzed and it was viewed to be a quicker process and quite convenient as well. This option is open for tax years 2019, 2020, 2021, and 2022, so if you still need to amend a return from one of these years then you are in absolute luck because it can be done much easier and less stressful.
For you to file electronically you will need to have originally filed your tax return electronically. Furthermore, if your first return was paper filed, then you will need to mail in your amended return. One keynote is that not all tax software programs support the electric filing of amended returns, so it will be wise to have a look at your software provider before proceeding.
How many Amended Returns can you file?
You are not limited to any number of amended returns you can file. Please note that each amended return should be filed separately from each other for each year. A typical example is that if you need to amend your returns for 2020 and 2021 returns, you will have to file two separate Form 1040-Xs.
Furthermore, the IRS recommends that you hold on till the first amended return has been fully processed before you go ahead in file another one for the same tax year. Maybe you might be wondering how long the processing might take. The process times vary, but in a standard situation, it should take up to 16 weeks for the IRS to process an amended return. You could also check the status of your amended return using the IRS’s “Where’s My Amended Return?” tool on their website.
How many Amended Returns can you file?
You are not limited to any number of amended returns you can file. Please note that each amended return should be filed separately from each other for each year. A typical example is that if you need to amend your returns for 2020 and 2021 returns, you will have to file two separate Form 1040-Xs.
Furthermore, the IRS recommends that you hold on till the first amended return has been fully processed before you go ahead in file another one for the same tax year. Maybe you might be wondering how long the processing might take. The process times vary, but in a standard situation, it should take up to 16 weeks for the IRS to process an amended return. You could also check the status of your amended return using the IRS’s “Where’s My Amended Return?” tool on their website.
What to expect after filing
Once your amended returns have been submitted, the IRS will review the changes. If your amendment is accepted then your tax record will be adjusted accordingly. Kindly note that if you are owing additional taxes as a result of the amendment, you will be paying those taxes along with any applicable interest or penalties. However, if the amendment results in a refund then you will be issued it by the IRS.
If more information is needed then you be contacted by the IRS via mail. A promote reply is vital to any requests for additional information to avoid further delays on your amended returns
Tips for Filing an Amended Return
- Review your original return: we recommend that before you go ahead in filing an amended return you should first of all double-check your original return. To ensure that the amendment was quite necessary.
- keep proper records: It will be perfect if you keep copies of all your tax returns which also include the amended ones as well as supporting documents.
- Using IRS tools: It will be great if you use IRS tools such as “Where is my amended return” to keep an eye on your state’s amendment.
- It is best to consult a tax professional: if you are not sure if you should be filing for an amended return or you not sure of the steps on how to go about it’s, consulting a professional for help would be of great help.
