Nobody is perfect, it happens to the best of us. You collect all your tax documents, get all numbers in order, check everything and drop your return in the mail or e-file your return online. But a new Form 1099 comes in the mail and now you have to revise your tax return.
If your corrections result in a refund due to you, be aware that you only have 3 years to file an amended return or 2 years from the date you paid the tax, whichever is later. This 3-year period runs from the date you filed your original tax return. If you filed your tax return before April 15th, the 3-year period begins from April 15th. If you requested an extension, the 3-year period runs from October 15th. The time limit can be suspended in certain situations. If you are beyond the 3-year period, you can only receive refunds for overpaid taxes that were actually paid during the previous two years. If you will owe more taxes than you originally paid, there is no time limit to file an amended return.
Why would you file an amended return? Here are some of the common reasons:
- Claim additional dependents;
- Remove dependents your previously claimed;
- Change filing status;
- Report additional income;
- Change your deductions;
- Claim additional tax credits or remove erroneously claimed ones;
- Report additional withholding of taxes.
If you need help filing an amended tax return, our experienced Enrolled Agents can help you understand how the amending process works, collect all necessary documents, prepare and file the amended return.