Rules Regarding Amended Tax Returns

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It is normal to want to file your taxes as early as possible when you have a refund due to you, but sometimes that can result in needing to file an amended tax return because you receive a late tax form or even an amended one. The nice thing is that in some situations, you don’t need to do anything because the IRS will correct certain mistakes for you automatically and send you a letter explaining the effect it has on your tax liability.

Rules Regarding Amended Tax Returns

The IRS won’t know everything, however, so there are still situations in which you would need to file an amended tax return. For example, if you realized you left off a charitable deduction, mortgage interest, or another allowable deduction, you’ll need to file an amended tax return to claim it.

There are deadlines you should be aware of related to filing an amended tax return. You must file within 2 years of the date you paid the taxes or within 3 years of the date you filed the return, whichever date is latest. If the amended tax return results in taxes owed, you should send them with the return and wait until the IRS contacts you via letter regarding applicable interest and penalties.

Filing an amended tax return can be a complex matter. As such, it is usually best to have a tax preparation professional handle it for you. If the original return was completed by a tax preparer, the best idea is to have them do the amended tax return, but if you do it, be sure to share a copy with them, as your changes may have an effect on the next year.

At Proctor & Assocs., we are happy to prepare an amended tax return for you whether or not we prepared the original return. Contact us today to discuss the reason you believe an amended return is needed and we’ll go from there.