If you have accidentally misreported or withheld information on your tax return, there is no need to panic. The process for changing or adding information is called filing an amended tax return, and is actually quite common. Generally, when you file an amended return, it is best to seek a professional such as Mitch Heifer in Miami, Florida, to ensure that you are providing complete and accurate information.
Having your taxes checked to see if you need to file an amended return is a service that Mitch Heifer, CPA, provides, and can be extremely valuable. For instance, if your return is incorrect and you have it corrected, you could be entitled to a larger refund, or avoid an audit. Some of the main reasons for filing an amended return are clerical changes, such as filing status or social security numbers of filers or dependents. Other, more personally and financially impacting reasons for filing an amendment are non-reported personal income or expenses, including non-reported dependents, interest, mileage or business income/expense which may qualify you for credits or deductions you did not receive.
When seeking to file an amended return, you should have a professional advise you on the value of filing the amendment. For example, the IRS usually can catch and recalculate mathematical mistakes or errors. Proof or paperwork, such as a W-2 or INT form, will be requested by the IRS if they are necessary, so no amended return is needed if you fail to originally enclose your copy of these items.
Once you’ve determined whether you have misfiled, you will determine whether you are still legally able to file an amended return. You have up to three years from when you filed the return to file an amended return. If your original return resulted in a balance, and you have paid or owed the IRS, you have two years to file the amended return.
Your CPA will be able to tell you exactly what paperwork or documentation you will need to support your revised claim, such as mileage logs, report cards, social security cards, or identification. Although many items do not need to be enclosed in your return, knowing which documents provide support for your amended claim is helpful in case of an inquiry or request for more information.
If the reason you are amending your return is because of unreported itemized deductions, knowing which deductions affect your total refund before filing an amendment is crucial, as well as knowing how greatly they will affect the amount. For example, you may have forgotten a small charity donation, but if it does not affect the total refund, the amendment may not be necessary. When filing deduction changes especially, always consult a professional.
If you find the mistake in your taxes quickly, you will still want to wait to file an amended return until your original return is processed, so that the IRS can make the appropriate changes. In order to know whether your return has been processed, you can check on the status of your return on the IRS website or phone line, or through your tax preparer. If you were going to receive a refund, and you’ve received your check, this is the best indication that your return has been processed. If money is owed after your amendment, you will typically be able to determine what you will owe and print your voucher to send the money immediately. If you are entitled to an additional refund, be aware that it may take two to three months to receive an answer and/or refund for the amended return. The reason for this is that the IRS takes up to two weeks once received to catalogue the amendment into their system for reprocessing.
Filing an amendment requires a separate form, the 1040x, and this reflects the information filed on the original return, and the new information. If there is an additional form, such as a schedule C or dependent care credit that was not filled out, it is attached to the amendment and sent with the 1040x. Amended returns are mailed to the IRS for processing, and you can expect a response within two to three months.
Most of the time, if you are filing a Federal amended return, you will need to file a State amended return as well. The form for an amended return in the State of Florida is the F-1120x. To speak with an expert on filing amended returns federally and in the State of Florida,
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