ITA Home After filing your original return, you may determine that you made an error or omitted something from your return. Information You'll Need: Reason for making a change to a previously filed federal income tax return Note: Use this tax tool only if you're amending one of the following forms: Form , U. Disclaimer Conclusions are based on information provided by you in response to the questions you answered.
You go to file your taxes and the IRS rejects your return because your ex or someone else has already claimed your child as a dependent. If you and your ex can agree that you should be the one to claim your child as a dependent, your ex will need to file an amended return to remove your child as a dependent.
The child tax credit is a federal income tax credit available to taxpayers with qualifying children younger than 17 at the end of the tax year. The amount of the credit you qualify for is based on your modified adjusted gross income.
Learn more about the child tax credit and how to claim it. The IRS advises that you generally must file Form X to amend a return within three years from the date you filed your original tax return, or within two years of the date you paid the tax, whichever is later.
Be sure to enter the year of the return you are amending at the top of Form X. If you miss the deadline, the IRS may not let you amend your return — and you could miss out on any deductions, credits or tax benefits the amendment would allow you to claim. However, time periods for claiming a refund are suspended for a period when the IRS determines a taxpayer to be financially disabled because of a physical ailment or mental impairment. To amend a tax return , you must file Form X. The IRS began accepting electronically filed X forms in summer Previously, you had to mail a paper X to amend your return.
Some online tax filing services can help you complete a X that you can then print and mail. Filing an amended tax return is like getting a second chance at any tax benefits you might have missed out on the first time. Of course, it may also mean you end up owing more tax. She has accounting degrees and certifications from Clemson University and the U.
Also, if you're amending an older return, remember that the recent tax-reform law changed many tax breaks beginning with the tax year. Several deductions and credits were eliminated or reduced, but others were added or expanded. So just because you're entitled to a tax break now doesn't mean you were entitled to it on your pre return.
If there are any retroactive tax laws enacted that include new or expanded tax breaks, you'll want to check your previous tax returns to see if you can take advantage of the new law. For example, a "tax extenders" law was passed in December that will trigger a lot of amended returns. The term "tax extenders" refers to a collection of tax breaks that keep expiring but are then retroactively extended by Congress for another year or two.
The law temporarily revived a number of tax breaks that had expired at the end of , including the mortgage insurance premiums deduction, income exclusion for forgiven mortgage debt, college tuition and fees deduction, and credit for energy-efficient home improvements. If you can claim any of these tax breaks for , go ahead and file an amended return to get a refund.
You'll need to file an amended return if you receive information after filing your original return that significantly changes your taxable income.
For example, you might receive an amended W-2 form or a form showing previously unreported income enough to make a difference on your return. If the new information affects the deductions or credits that you claimed on your original return—for example, by upping your income to a point where the tax break is reduced or no longer available to you—you'll need to file an amended return for that, too. You won't receive a refund for these types of changes, but you still need to file an amended return to avoid penalties and additional interest.
Changes you make on an amended return affecting your income, deductions or tax liability may also affect the amount of or cause you to owe the alternative minimum tax. So be sure to check that, too. If you're the victim of a hurricane, wildfire or other natural disaster, you might be able to file an amended return to claim a casualty loss deduction for the tax year before the disaster. Alternatively, you can claim the loss in the year of the disaster: Pick whichever year is more favorable to you.
Otherwise, this special rule doesn't apply. If you decide to claim the loss for the year before the disaster, you must file your amended return no later than six months after the due date for filing your original return without extensions for the year in which the loss took place. So, for example, if the disaster occurred in and you want to claim your loss on your return, you must file an amended return by October 15, If you prepare your own tax returns, it's best to fill out both your federal and state returns before actually submitting either one.
But sometimes that's just not possible. You might be too busy to do them both at once, so you send in your federal return which has to be done first one day and put off your state return for another day. Then, when you're finally working on your state return, you realize that something you did on your federal return is going to cost you more in state taxes than what it saves you in federal taxes.
If that's the case, it might make sense to amend your federal return—and pay a little more in federal taxes—so you can cash in on a larger state tax break. A week after filing their federal return, Andrew and Becky started working on their state return. They soon realized that 1 their state standard deduction is much lower than the federal standard deduction, and 2 they cannot itemize on their state return unless they itemized on their federal return which is a common restriction.
And while we're talking about state tax returns, remember that a change made to your federal return may very well affect your state tax liability, too. The IRS will check your return for mathematical accuracy and will recalculate your taxable income if necessary. And if you forget to attach a Schedule A when reporting itemized deductions or fail to attach a W-2, the IRS will request these documents from you after it processes your return.
And don't forget, the changes you make to your federal return may affect your state income tax return, so you may need to check if an amended state return is necessary as well. Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms. Whether you have a simple or complex tax situation, we've got you covered.
Feel confident doing your own taxes. If you do end up having to amend your return, we can help you file a X as well. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest.
For Simple Tax Returns Only.
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