Tax Tips about Filing an Amended Tax Return

We all make mistakes so don’t panic if you made one on your tax return. You can always file an amended return if you forgot to claim a tax credit or deduction or just made an honest error.

Here are ten tips from the IRS if you need to amend your federal tax return.

When to amend.  You should amend your tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return.

When NOT to amend. In some cases, you don’t need to amend your tax return. The IRS usually corrects math errors when processing your original return. If you didn’t include a required form or schedule, the IRS will send you a notice via U.S. mail about the missing item.

Amending to pay additional tax.  If you’re filing an amended tax return because you owe more tax, you should file as soon as possible. This will limit interest and penalty charges.

Corrected Forms 1095-A.  If you or anyone on your return enrolled in qualifying health care coverage through the Health Insurance Marketplace, you should have received a Form 1095-A, Health Insurance Marketplace Statement. You may have also received a corrected Form 1095-A. If you filed your tax return based on the original Form 1095-A, you do not need to file an amended return based on a corrected Form 1095-A.  This is true even if you would owe additional taxes based on the new information. However, you may choose to file an amended return.

In some cases, the information on the new Form 1095-A may lower the amount of taxes you owe or increase your refund.  You may also want to file an amended return if:

  •  You filed and incorrectly claimed a premium tax credit, or
  •  You filed an income tax return and failed to file  the Premium Tax Credit, to reconcile your advance payments of the premium tax credit.

Before amending your return, if you received a letter regarding your premium tax credit or Form 8962 you should follow the instructions in the letter.

When to file.  To claim a refund file Form 1040X no more than three years from the date you filed your original tax return. You can also file it no more than two years from the date you paid the tax, if that date is later than the three-year rule.

Track your return.  You can track the status of your amended tax return three weeks after you file with “Where’s My Amended Return?” This tool is available on IRS.gov or by phone at 866-464-2050.

Enrolled Agent, Jeffrey Schneider, EA, CTRS, NTPI Fellow can file the return for you. Contact the office today to set up an appointment.

Enrolled agents (EAs) are America’s Tax Experts. EAs are the only federally licensed tax preparers who also have unlimited rights to represent taxpayers before the IRS.