Electronic filing of your tax forms is faster and easier than submitting a paper return by mail. But so far, a particular group of people has not had that option: those who need to file amended returns.
Fortunately, that will change soon. The IRS has announced that electronic filing will be an option later this summer for those who need to change their tax forms after they have already been filed. It is great news for those who have a mistake that they need to correct.
Why would you need to file an amended return?
According to the IRS, more than three million amended returns, or Form 1040-X, are filed each year. However, you don’t need to file one for every mistake you make on your taxes, as the agency has indicated that it discovers and corrects many routine errors for you. However, you must file an amended return if:
- Your tax filing status was incorrect.
- Your income is different from what you reported.
- The deductions or credits you can claim have changed.
The IRS has a useful online tool that you can use to help you determine whether or not you need to file an amended tax return based on the changes that need to be made to the filed tax forms.
If you find you need to make a modification to your 1040 form that results in you owing more money to the IRS, always try to file your amended return and pay the amount due before the tax filing deadline to avoid potential penalties and interest. .
However, if you need to make a change that results in a refund, you have up to three years after the date you filed your original tax return or two years after the date you paid the tax to get your amendment forms and recover your money
When can you start filing electronically amended returns?
Although the IRS has made it clear that they will begin to accept amended returns filed electronically for the first time later this summer, they have not yet specified an exact date when this technology will be operational.
However, they have indicated that the only forms that you will be able to electronically modify will be forms 1040 and 1040-SR for fiscal year 2019. You will be able to use electronic tax filing software to submit them, as the IRS has said that allowing electronic filing These forms will complement the agency’s partnership with the tax software industry.
If you find you need to make a change after you submit your 1040 or 1040-SR forms, check the IRS website to see if electronic filing is an option for you. But if you are running out of time to file an application before the tax deadline (which was extended until July 15, 2020 for fiscal year 2019) or before your opportunity to claim a refund runs out, you may You don’t want to wait until the online process is activated, although electronic filing is undoubtedly simpler.