When you are filing your taxes, there are often going to be mistakes that happen. Because the IRS knows that accidents happen, they have given you a way to make your mistakes right. When you make a mistake, you will need to file an amendment to your tax return to make any mistakes you made right. Mark Dicus & Company is here to talk about filing an amended return and what the rules are in regard to it.
When to Amend a Return
If you have made a mistake on your tax return, the first thing you need to remember is to not panic. There are options when it comes to your mistakes. If you have made small errors like clerical errors or mathematical errors, the IRS will actually fix those for you. When you make a mistake with your filing status, income deductions, tax credits or other larger mistakes, you will need to amend your return. You will do this by filing a Form 1040X. This must be done by snail mail and cannot be done electronically.
Is there a Time Limit to Amend a Tax Return?
For those that are expecting to get a refund after filing taxes, you will have 3 years from the date you filed to file an amended return. If you owe taxes, you will have 2 years from the time that you paid your taxes to file your amended return.
How Long Does it Take IRS to Process Amended Tax Return?
When you file documents electronically, you can expect them to be processed much quicker than something filed through snail mail. With so much of our world using technology, it can be a foreign concept to have to wait so long for processing to occur with snail mail. However, since amended returns must all be filed with the mail system, it can take up to 16 weeks for it to be processed.
Why is My Amended Return Taking Longer than 16 Weeks?
If it has been longer than 16 weeks and you still haven’t heard anything, there are several reasons this could be happening. Here are some of the most common reasons it might be taking so long for this process to be completed.
– Errors on your form
– Incomplete form
– You forgot to sign the form
– More information is needed
– Your form was routed to a specialized area
– Waiting review and approval from the revenue office
– Form was affected by identity theft or fraud
It is important to note that if the IRS needs more information from you, they will always contact you to let you know what is needed.