Every taxpayer has the option to amend their taxes. But, even though this option is available, it is not always to determine whether or not amending your taxes is a good choice.
Going over the reasons what it means to amend your taxes, and speaking with a tax professional, will allow you to determine whether or not amending your taxes is a good choice.
What Does It Mean To Amend Your Taxes?
The act of amending your taxes involves editing, and then correcting, the tax return that you have filed.
Some of the different edits you can make to your tax return are as follows:
- Changing your filing status.
- Including a deduction that you missed.
- Correcting your earnings.
Every single one of these edits can, and will, affect your tax refund. But, if the information on your tax return doesn’t align with the facts, then your tax refund will differ from what is accurate.
Just as an example, if you are married, but you file as a single person, then your tax refund will reflect that. You can amend your tax return, though, to change your filing status and, in doing so, change your tax refund.
What Are Some Of The Reasons Why You Might Want To Amend Your Taxes?
A variety of reasons exist, as to why you might want to amend your taxes.
Some of the most common reasons you might want to amend your taxes are as follows:
- You did not report your earnings accurately.
- You inputted the wrong filing status.
- You qualify for a deduction that wasn’t included.
- You did not report your tax credits accurately.
- You own a bad stock that serves as a write-off.
Every single one of the above serves as a key reason as to why you might want to amend your taxes. And, if these reasons are present, you can amend your taxes and change your tax refund.
How Can You Amend Your Taxes?
To amend your taxes, you must file a Form 1040-X. Just as the name implies, this is quite similar to a regular Form 1040 which you will, in almost all cases, use to file your taxes.
Right within your Form 1040-X, you can file the return that you filed previously. But, within your Form 1040-X, you can include the edits and corrections that you need to make.
Soon after you finish filling out your Form 1040-X, you can submit it to the IRS, with the appropriate documentation. And, then, the necessary changes to your refund will be made accordingly.
You can amend your taxes up to three–years after you first filed them. Just as an example, if you file your taxes on March 15th of 2023, then you have until March 15th of 2026 to amend that tax return.
Even if you file late, your tax refund will change; you may, for example, receive more money or owe more, due to the changes made to your tax return.
Max Akin Writing 