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Amended Tax Return Filing

File or Amend Previous Year Tax Returns

There are a few reasons people should consider filing their previous year returns or amending them. Filing your federal tax returns for missing years can avoid tax liabilities, allow you to claim a refund, and protect your Social Security and disability benefits. If the tax return is not received, the IRS can take action with a Substitute Return on your behalf leading to a hefty tax bill.

Previous year returns can also be Amended if you have filed a tax return that does not accurately reflect deductions and income. Some reasons to file an amended return including change of filing status omitted income and failing to claim deductions or tax credits which you were entitled.

To begin the process of filing an amended return you need to file a Form 1040X with the federal government. The professionals at Allied Tax Advisory can assist you in filing your Form 1040X and ensuring proper forms for your state and make all necessary changes in an efficient manner.

When filing an amended return you may receive an additional refund or owe additional taxes as a result of the correction. If a refund is due, the IRS will send it after the amended return is accepted. On the other hand, if you owe tax, you can send in the amount due along with the amended return. Be aware that there is a three-year limit to produce corrections that bring about tax discounts.

Due Dates for Filing an Amended Return:

  • Within three years from the date, you filed your original return.
  • Within two years from the date, you paid the tax.
  • Within seven years if filing an amendment due to a bad debt or a worthless security.
  • Within three years for an amended return for a year when you carried a net operating loss (NOL).

You are not required to file an amended return for math errors or if you have not included a W-2. In these cases, the IRS will correct mistakes made and send a corrected tax statement along with a bill for taxes due. The amended returns must be mailed individually.

The tax year does not necessarily close after the due date. You can file prior year returns as well as revisit the returns submitted.

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