Tax Tips

Be sure to check the box for the year of the return you are amending on the form 1040X.

If you amend more than one return, mail them in separate envelopes. The instructions for form 1040X will tell you where to mail them.

When the changes involve other tax forms that would have been attached to your original return, be sure to complete them and attach them to your form 1040X.

Refunds: If you have a refund coming from your original filing, wait until you get it before filing an amended return. If your amended return generates a refund, you must file the form 1040X within three years from the date you filed your original return, or within two years from the date you paid the tax, whichever is later. When filing an amended return asking for a significant return, be sure your records are in good shape, because it will likely get more scrutiny.

Remember about state income tax returns when filing amended returns.

Joe

Learn more about Joe DePetris, Jr., and IBO tax return preparation and tax issues at IBO Bookkeeping 101.

Find more Tax Tips for IBOs from Joe DePetris, Jr., CPA.

This article is provided as an educational resource for your guidance, and is strictly informational. It does not constitute legal, accounting, or other professional counsel. Nothing included herein implies a recommendation by the author, the IBOA International, or Amway North America (formerly Quixtar), of any course or method of regulatory compliance. Readers and users who intend to take, or refrain from taking, any action based on information contained herein should first consult with their qualified tax advisor, preferably a C.P.A., or appropriate regulatory authorities.