You'll also pay a penalty if you don't pay any tax due within 21 calendar days of the date of the IRS's request for payment (10 business days if the amount of tax is $100,000 or more). The interest rate changes on a quarterly basis (it's 3% for the third quarter of 2020). But you can minimize the amount of interest you'll be charged by paying the tax owed quickly. You can pretty much count on paying some interest, since the IRS charges interest on any taxes not paid by the due date. If you owe the government money as a result of filing an amended return, pay the tax right away to avoid additional interest and penalties. It's nice if amending your return results in a refund, but, unfortunately, that's not always the case. The form instructions tell you which other attachments are necessary. For example, attach Schedule A if you're changing an itemized deduction.
Generally, you need to attach any schedule or form relating to the changes you're making.
Attach any required forms or schedules as well. If there isn't a box for that year, write in the year in the space provided.ĭon't forget to sign the amended return. If filing a separate return, check the box at the top of the form to indicate the tax year for the return being amended. Otherwise, generally stick with Form 1040X.Īlso make sure that you file a separate Form 1040X for each tax year. You should also use Form 843 if you're requesting a refund of penalties and interest or an addition to tax that you already paid. For example, Form 1045 might be an option if you had to repay income that was previously taxed or you're carrying back certain losses or tax credits. You can use Form 1045 instead of Form 1040X in limited situations.
Instead, you can file what's called a "superseding return." Basically, if you file a second return before the filing deadline, the second return "supersedes" the first return and is treated as the original return.Ī superseding return must be filed on a paper Form 1040 – e-filing is not allowed. If the filing deadline, including extensions, hasn't passed, then you don't want to file an amended return. What if you just filed a tax return and then discovered a mistake the very next day. Because every taxpayer should have a basic understanding of what it takes to change their return after it's filed, here are 11 tips on how and when to file an amended tax return. That way, you'll know to check your previously filed return if and when they happen. It also helps to be familiar with some of the more-common occurrences that can trigger the need for an amended return (in addition to just a mistake). But what if you suddenly realize there's a mistake on a tax return that you filed months (or years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return? What do you do now? Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step.įiling an amended return isn't particularly difficult, but there are a few things you should know about the process before getting started. And sometimes you don't even realize your errors until well after they're made.
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