Documentations can be extremely inundating for many. They are even more inundating when it comes to having to file an amended tax return. We're here to tell you that the IRS can be less terrifying and reviewing your taxes can be equally stress relieving. Let us overview first the reasons on why you would think about filing an amended tax return and then let us review this engulfing process in precise detail.
You can file an amended tax return if you need to bring any corrections to your appropriate filing status, your total income, your tax credits and tax deductions. You should also file an amended tax return if you are adding or removing any dependents under your name and finally if you are making changes in your standard deductions, itemized deductions and personal like exemptions. As mentioned afore, the process can be overwhelming. The IRS takes about 8 to 12 weeks to completely process your requests and claims on your all your corrections and claims. Please do not go through the process if you are simply going over to check math errors.
Constructing your amending tax return, as mentioned over and over again, is extremely deluging but please do not be afraid simply due to that. Organize yourselves and think clearly. Now the process compromises of two individually different processes. Part one: Fill out the 1040 Form. Part two: Fill out the 1040x Form. Part one requires you to fill out a basic form. Be sure to do this all manually, for you may have to match up all the coordinating lines and numbers with the second form. Do not forget to attach all additional forms, documents and schedules and so on forth to your newly filled out 1040 form. Remember to be careful and take everything into account as you prepare these forms. Finally, part two, consists of preparing the second form, 1040x. This form asks you to report the differences between your original tax return and your new 1040 form. So this part you will need both these forms in front of you in order to note all differences in numbers, schedules, and other times as requested.
Now that you have successfully filed your amended tax return, the next step to wait for feedback from the IRS Service Center. They, as a team, will check your requests, your claims, and what's missing. All in all, approximately speaking, you will be looking to wait 8 to 12 weeks.