Should You Amend Your Return?
So tax season is officially over. May 17th is behind us, and you filed. Congrats! But wait, you check with your accountant and see that you left something out.
You may be scrambling, worried sick about your mistake. Don't worry because depending on the error, you may not have to amend your return.
Do I Need To Amend My Return?
First off, you want to make sure that you need to amend your return. For example, the IRS handles minor math errors on your tax return, which doesn't require a 1040x amended return.
However, if you forgot to report additional income or change your marital status, you need to amend your tax return if the IRS hasn't accepted it.
How to Amend Your Return
If you're filing a paper amended return, fill out form 1040-x and mark the calendar year at the top of the document. Included in the form are separate columns to report the original amount and changes you are making. Submit any additional documents affected by the changes.
Since last summer, you can now e-file your amended return. To file an amended return electronically, reach out to one of our staff accountants at Mark Cherry. We can help you file electronically by using our state of art software packages.
If you are amending a return and are expecting a bigger refund, the IRS encourages you to wait for the original tax refund check to come in before sending in your 1040-x.
Correcting Your Tax Return
Hold off on pushing the amend button. There is another situation where you dont have to file an amended return. Did you already e-file your tax return and just received a K-1 or 1099? If you did, but your tax return was rejected by the IRS and not accepted due to a necessary correction, you dont need to amend your return.
Remember, when you amend your federal return, you may have to amend your state return since some states follow federal tax laws. If you want to check the status of your amended return, use the Wheres My Amended Return tool provided by the IRS.
Mark Cherry CPA Has You Covered
We want to ensure you that there's no need to worry about amending your tax return. One of our accountants can guide you through amending your return. Through a rigorous system in place, we have the tools needed to fix the problem.
Schedule a call today and let us assist you with your return.