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What is IRS Form 1040-X? All The Details Plus How To's About It!

What is IRS Form 1040-X? All The Details Plus How To's About It!
Ines Zemelman, EA
26 December 2022

IRS Form 1040-X is a tax form used by the Internal Revenue Service (IRS) to allow individuals to amend their tax returns. It is used to make changes or corrections to a previously filed tax return.

It is important to note that Form 1040-X can only be used to amend tax returns for the current tax year or for up to three prior tax years. Any changes made to a tax return using Form 1040-X will affect the taxpayer's refund or balance due.

What Are The Benefits / Reasons of Filing Form 1040-X?

There are several benefits why a taxpayer may need to file Form 1040X. Some common reasons include:

  • The taxpayer made a mistake on their original tax return, such as forgetting to include income, claiming an incorrect deduction or credit, or using the wrong filing status.
  • The taxpayer received additional income or made additional payments after their original tax return was filed.
  • The taxpayer received a corrected W-2 or 1099 form after their original tax return was filed.
  • The taxpayer received a notice from the IRS indicating that their original tax return had errors or needed additional information.

How to File Form 1040-X

To file Form 1040-X, the taxpayer must first obtain a copy of their original tax return and any supporting documents. This may include W-2 forms, 1099 forms, or other documentation of income and deductions.

They will then need to fill out the form, explaining the changes they are making and the reasons for those changes. The form will also require the taxpayer to recalculate their tax liability based on the amended information.

There are also certain types of changes that cannot be made using Form 1040-X. For example, Form 1040-X cannot be used to change the taxpayer's filing status from married filing jointly to married filing separately if the taxpayer is not eligible to file as married filing separately.

Additionally, Form 1040-X cannot be used to claim a tax credit or deduction that the taxpayer was not entitled to claim on their original tax return.

How To Complete Form 1040-X

To complete Form 1040-X, you will need to fill out the following sections:

  • Personal Information: This section includes your name, social security number, and address.
  • Tax Year: This section asks for the tax year for which you are making the changes.
  • Reason for Filing Form 1040-X: This section asks you to specify the reason for filing the form, such as an error on the original return, receiving additional income, or receiving a new tax form.
  • Changes to Your Tax Return: This section asks you to specify the changes you are making to your tax return. This may include changes to your income, deductions, credits, or exemptions.
  • Signature: This section requires you to sign and date the form.

If you are making changes to your tax return that result in you owing additional taxes, you will need to include payment with your Form 1040-X. If you are due a refund, the IRS will process your amended return and send you a check for the amount of the refund.

NOTE! There are time limits for filing Form 1040-X. You must file the form within three years of the date you filed your original tax return or within two years of the date you paid the tax, whichever is later. If you are filing Form 1040X to claim a refund, you must do so within three years of the date you filed your original tax return or within two years of the date you paid the tax, whichever is later.

FAQ

1. When should I file Form 1040X?

Form 1040X should be filed as soon as possible if you need to make changes to your tax return. There are time limits for amending a tax return, and you may lose certain benefits or credits if you wait too long to file.

2. Can I file Form 1040X electronically?

You can file Form 1040-X, Amended U.S. Individual Income Tax Return electronically with tax filing software to amend tax year 2019 or later Forms 1040 and 1040-SR, and tax year 2021 or later Forms 1040-NR.

3. How do I obtain a copy of Form 1040X?

You can obtain a copy of Form 1040X by visiting the IRS website or by contacting the IRS directly. You can also obtain a copy at most local libraries or post offices.

4. Can I use Form 1040X to change my filing status?

In some cases, you can use Form 1040X to change your filing status. However, you cannot use Form 1040X to change your filing status from married filing jointly to married filing separately if you are not eligible to file as married filing separately.

5. Can I use Form 1040X to claim a tax credit or deduction that I was not entitled to claim on my original tax return?

No, Form 1040X cannot be used to claim a tax credit or deduction that you were not entitled to claim on your original tax return.

6. How long does it take for the IRS to process Form 1040X?

The amount of time it takes for the IRS to process Form 1040X can vary. It is generally advisable to allow several weeks for the IRS to process your amended return.

Ines Zemelman, EA
Founder of TFX