Like many taxpayers, you probably feel a sense of relief after filing your tax return.
But that feeling can change if, soon after, you realize you've overlooked a key
detail or received additional information that should have been considered. In such
instances, you may want (or need) to amend your return.
Typically, an amended return - Form 1040X, to be exact - must be filed within three
years from the date you filed the original tax return or within two years of the date
the applicable tax was paid (whichever is later). Your choice of timing should depend
on whether you expect a refund or a bill.
If claiming an additional refund, you should typically wait until you've received your
original refund. Then cash or deposit the first refund check while waiting for the
second. If you owe additional dollars, file the amended return and pay the tax
immediately to minimize interest and penalties.
Bear in mind that, as of this writing, the IRS doesn't offer amended returns via
e-file. You can, however, track your amended return electronically. The IRS now
offers an automated status-tracking tool called "Where's My Amended Return?" at
If you think an amended return is needed or warranted, please give us a call. We will
be glad to help.
This publication is distributed with the understanding that the author, publisher and
distributor are not rendering legal, accounting or other professional advice or
opinions on specific facts or matters, and, accordingly, assume no liability
whatsoever in connection with its use. The information contained in this newsletter
was not intended or written to be used and cannot be used for the purpose of (1)
avoiding tax-related penalties prescribed by the Internal Revenue Code or (2)
promoting or marketing any tax-related matter addressed herein. © 2016