Tax return amendments are common and may be necessary.
For various reasons, for example, your income may have changed since you initially filed your tax return, or you might have forgotten to report certain income or expenses. In some cases, it’s possible to file an amended federal tax return without penalty if you discovered an error after filing your original tax return. However, keep in mind that an amended return won’t change the filing deadline for the applicable year unless it was filed on time. Still, there was an error on it when prepared by the IRS computer system (i.e., Computer Assisted Retrieval System [CARS]).
Here Are The Deadlines For Amended Tax Return.
Personal – 3 years after tax day
If you’ve discovered an error on your tax return, including math errors and incomplete forms, you may be able to correct it by filing an amended return.
To file a personal income tax amendment, you must submit:
- a copy of the original return that was filed with the IRS;
- a completed Form 1040X (Amended U.S. Individual Income Tax Return) for each year involved in the correction;
- any additional schedules or forms required; and
- payment of any outstanding balance due from your original return (if applicable).
Corporate (C corp) – 3 years after tax day
- Individual (Schedule C, Schedule F or Form 1040) – 3 years after tax day
- Partnership – 3 years after tax day
- S Corporation – 3 years after tax day
Partnership – 3 years after tax day
If you’re a partner in a partnership and need to amend your personal tax return, the deadline for amended tax returns is three years after tax day, which is generally the same as the original filing deadline.
The deadline for amended business tax returns is generally the same as it was originally given—but only if no extensions have been granted and no portion of an extension has been used yet.
If these deadlines have passed, there are still remedies available that may apply if you’re filing late or making an amendment after the expiration of an original extension request (which I’ve covered in another post).
S Corp or LLC – 2 1/2 months after the end of the fiscal year
The deadline for an S corporation or LLC to make an amendment is 2 1/2 months after the end of its fiscal year (the same as individuals). This means that if you file your taxes on April 15 and have a fiscal year ending June 30, you’ll have until October 15 to amend your 2018 return.
If your company’s fiscal year ends on any date other than December 31, you’ll still need to make your extension request by the original filing deadline—April 15—for 2019. The IRS will process those extensions when they receive them.
You have some time to amend your taxes with a deadline
2 1/2 months for businesses and three years for individuals
There are two special rules for amending your tax return if you’re an individual. The first is that there’s a three-year statute of limitations for filing amended returns for personal income taxes, and the second is that if you fail to file an income tax return when required by law, then the deadline for filing it can be extended.
The deadlines vary depending on your business structure:
- 2 1/2 months after the fiscal year-end or within 120 days from when you should have filed your original tax return if it was due before March 15 (whichever comes later). This period starts on April 16 each year and continues until September 15.* 3 years after tax day.* 3 years after filing a partnership return.* 2 1/2 months after filing an S corporation application or within 120 days from when you should have filed your original tax return if it was due before March 15 (whichever comes later). This period starts on April 16 each year until September 15.* 2 1/2 months after S election approval or within 120 days from when you should have filed your original tax return if it was due before March 15 (whichever comes later). This period starts on April 16 each year until September 15
If you’re looking to amend your tax return, you have some time. But don’t wait too long—the clock is ticking!
There are different time limits for claiming a tax refund
There are different time limits for claiming a tax refund or making a tax payment. For example, the deadline to claim tax refunds for 2015 and 2016 is April 15, 2019.
- The deadline to pay taxes owed is April 15, 2019.
- You have three years after filing your original return or two years after paying the taxes owed, whichever is later, to file an amended return (IRS Publication 556).
The statute of limitations for filing an amended return due
IRS error is three years after the date the agency issued your original refund — or two years after you paid the tax, whichever is later.
The IRS can’t give you a refund for taxes paid more than three years ago. That’s because there are strict deadlines for filing amended returns to claim an additional tax refund or request other adjustments, such as the repayment of an erroneously collected tax.
If you don’t file your amended return within these time limits, the IRS will not consider it and will reject your claim. In addition to your original deadline, there are separate rules that must be met if you’re requesting additional refunds from prior years:
Correct information, you can also use Form 1040X
If you need to correct information on a tax return that was already filed, file an amended return by the original filing deadline. If you are due a refund, the IRS will send it within 45 days after they receive your amended return. You can also use Form 1040X, Amended U.S. Individual Income Tax Return, to change figures on your original Form 1040 or Form 1040A for any reason other than to report a net operating loss or capital loss carryback.
When do you need to file an amended tax return?
There are several reasons why you may need to file an amended tax return. These include:
- Correcting information on your original tax return
- Changing your filing status (for example, from single to married filing jointly)
If you need to change your filing status and didn’t do so when you filed your original tax return, then you must file an amended return and pay any taxes due. The IRS gives taxpayers up until October 15 of the following year (April 17 for electronic filings) to correct errors on their returns—but even if this deadline has passed, some circumstances still allow amending a tax return.
You forgot to include something on your original return
Whether you need to file an amended tax return
because you forgot to include something on your original return or because something happened that changed the amount of your refund, the deadline is generally the same as for filing a standard tax return. In other words, if you’re due a refund and have not yet filed your taxes, there’s no penalty for filing an amended return at any time throughout 2019.
However, if you owe money by April 15 but haven’t yet filed your taxes by then (for example, if you were unemployed), then there will be a late filing penalty added to whatever balance remains after April 15. You can still amend your returns for free until October 17; however, once October 17 passes, any changes will incur additional fees in addition to those already owed on top of late fees
If you need to amend more than one year of tax returns
If you need to amend more than one year of tax returns, prepare and mail each return separately. You must use the same tax form and filing status as used for the original return. The amended return can be filed by mail or electronically. You do not have to wait for your refund check before filing an amended tax return.
You can’t deduct more than your net income minus other deductions.
If you have a loss, it’s called a “net operating loss” in the report you file with your return.
You can’t deduct more than your net income minus other deductions. So if you have a loss, it’s called a “net operating loss” in the report you file with your return.
A net operating loss is the amount of money you lose in a business. You can carry forward this figure to later years and deduct it from other income.
Suppose you had an overall profit for the year but still suffered losses from one or more activities. In that case, the IRS will allow them as deductions against any other types of income that were earned during that same period—so long as certain criteria are met:
- The activity in which they took place must have been conducted on a regular basis (or considered as such by the IRS) during its existence.* The activity must also have generated enough revenue so that it was capable if being profitable (or depositing enough cash flow into its owner’s pocket).
If you find yourself in a situation where you need to amend your return, you must do so as soon as possible. The longer the IRS has to process your paperwork, the more likely it is that they’ll discover errors and penalties on their own.
You can’t file an amended return electronically.
If you want to file an amended return electronically, you can do so through the IRS website. However, if you’re filing an amended tax return in person or by mail, you’ll have to use Form 1040X and send it to the following address:
Internal Revenue Service Center
Ogden, UT 84201-0027
Make sure to report any corrected income
Make sure to report any corrected income, deductions, and credits on the correct schedule or form with your Form 1040X. For example, if you made a mistake in reporting your income on line 21 of Form 1040 or line 7 of Schedule A, ensure you include the correct amount on line 22a. You may also need to enter a new figure in column (g) for Adjusted Gross Income so that it is consistent with your amended return.
It’s also essential to ensure that the filing status used corresponds with what’s needed for the year being amended. If you’re married filing jointly but filed as single for tax year 2018 because you were separated from your spouse at some point during the year, then choose “Married Filing Separately” when submitting Form 1040X even though this will be an incorrect filing status according to IRS guidelines; there are no exceptions here!
Your new adjusted gross income will be the only thing carried forward
Adjusted gross income is the starting point for calculating your taxes. It’s the total amount of all your taxable income, minus any deductions or credits you may be able to take that year.
What is adjusted gross income?
You get this number from your W-2 and 1099-INT forms (if you have any) plus any other income you earned during a given year. This figure will appear on another line of the tax return called “taxable income.” To calculate it: Subtract all deductions such as charitable donations, medical expenses, and student loan interest from gross wages. For example: $30,000 – $5,000 = 25k x 0 = $0 (Zero dollars).
Be sure to follow the instructions when filing an amended return.
- Follow the instructions. If you are not sure how to fill out an amended return, follow the instructions provided on the IRS website to fill out your amended return.
- Sign your amended tax return with a pen or type your name in black ink. All signatures must be original and notarized, or they may be rejected by the IRS when you file them.
- Attach all supporting documentation before filing your amended tax return with the IRS if you need to claim additional exemptions or deductions due to changes in circumstances or dependents since filing last year’s taxes (for example, if someone has moved into your home). You should also attach copies of any W-2s and 1099s received from employers during this time period as well as any other documents that support any claims made on Form 1040X (including Social Security benefits received while unemployed).
Now that you know the deadline for filing an amended return, it’s time to start. If you have any questions about filing an amended return, be sure to consult a tax professional.
Don’t miss out on.