How to File an Amended Tax Return with the IRSĭid you make a mistake on your tax return or realize you missed out on a valuable tax deduction or credit? You can file an amended tax return to make the correction. However, you have to adhere to all eligibility criteria before filing the amendment. The IRS allows you to voluntarily correct the mistakes you later discover by filing an amended tax return. The Internal Revenue Code is lengthy and complex, which can sometimes mean that your personal income tax return includes some errors and omissions. Processing can take up to 16 weeks.The IRS allows you to correct mistakes on a tax return you've already filed by filing an amended tax return. Three weeks after mailing in your return, you can use the "Where's My Amended Return?" page on the IRS website. Once you file an amended return, you can track its progress. This year, the IRS says you need to pay 80 percent of what you owe for the 2018 tax year to avoid a penalty. And it's important that your estimate be as accurate as possible, she adds. You'll need to estimate what you owe and send it into the IRS before your filing deadline. You can file an extension, but keep in mind that doesn't extend the time to pay, Kazenoff says. If you don't, you're going to owe interest on the outstanding balance. You should plan to pay the taxes on that unreported income before the April 15 due date. If you forgot to report income, such as that from a side hustle, Kazenoff says you'll likely need to file an amended return, and pay. Once you've followed those steps, here are a couple of other facts to keep in mind. "The more complicated the return is and the greater the dollars involved, having a tax professional who is well-versed in these areas is recommended," Kazenoff says. In that case, you may want to seek expert assistance. The situation can be different if you own a business, for example, and your issues pertain to more complex deductions or credits. If you're missing a document, again, the IRS can handle this and typically alerts you by mail. That's typically easy to resolve, Kazenoff says. For example, say you didn't include a 1099. She adds that if you prepared your taxes with TurboTax Live, you can connect with the TurboTax Live CPAs and enrolled agents year-round to get help amending your return.īut filing an amended return can also be done without help, especially if it's something fairly straightforward. If you used TurboTax to file your return, the software can also walk you through amending your tax return, Lisa Greene-Lewis, a TurboTax expert and CPA, tells CNBC Make It. Read on for what to do if you have a bigger tax mistake to solve. But for most people, it's still manageable. If your error means you actually owe more to the IRS, the process can be a little more complicated. "Better to wait for it to get processed." The IRS says that most returns are processed within 21 days. "You really should wait until that first return is processed because you want it to go through the system," says Kazenoff, who previously worked as a senior tax attorney with the Office of Chief Counsel at the IRS. At that point, you will be able to see if the IRS simply corrected the error or has asked you to submit more information.Īnd Kazenoff says it's OK to cash the refund check from the original return before receiving any additional refund that may be due to you. If the issue is a small one, the best thing you can do is wait until the IRS has fully processed your initial tax return. For example, if the mistake you realize you've made has to do with math, it's no big deal: The IRS will catch and automatically fix simple addition or subtraction errors.Īnd if you forgot to send in a document, the IRS will usually reach out in writing to request it.
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