There are several ways to pay any tax due. However, the IRS might waive the penalty if you have a (very) good reason for not paying your tax on time. The penalty is usually equal to 0.5% of the unpaid amount for each month or part of a month that the tax isn't paid. You'll also pay a penalty if you don't pay any tax due within 21 calendar days of the date of the IRS's request for payment (10 business days if the amount of tax is $100,000 or more). The interest rate changes on a quarterly basis (it's 3% for the third quarter of 2020). But you can minimize the amount of interest you'll be charged by paying the tax owed quickly. You can pretty much count on paying some interest, since the IRS charges interest on any taxes not paid by the due date. If you owe the government money as a result of filing an amended return, pay the tax right away to avoid additional interest and penalties. It's nice if amending your return results in a refund, but, unfortunately, that's not always the case. The form instructions tell you which other attachments are necessary. For example, attach Schedule A if you're changing an itemized deduction. Generally, you need to attach any schedule or form relating to the changes you're making. Attach any required forms or schedules as well. If there isn't a box for that year, write in the year in the space provided.ĭon't forget to sign the amended return. If filing a separate return, check the box at the top of the form to indicate the tax year for the return being amended. Otherwise, generally stick with Form 1040X.Īlso make sure that you file a separate Form 1040X for each tax year. You should also use Form 843 if you're requesting a refund of penalties and interest or an addition to tax that you already paid. For example, Form 1045 might be an option if you had to repay income that was previously taxed or you're carrying back certain losses or tax credits. You can use Form 1045 instead of Form 1040X in limited situations. Claim a loss or unused credit carryback.Change amounts previously adjusted by the IRS (except IRS changes to interest or penalties) or.Make certain elections after the election deadline.Correct Forms 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ (some of these forms are no longer in use).If you do need to file an amended personal income tax return, you'll probably need to submit IRS Form 1040X, which is used to: It might take a while before the IRS is able to process your superseding return, since they're behind on tackling paper returns, but at least you won't have to wait until next year to benefit from the overpayment. If you file a superseding return before July 15, you can get the refund this year. But then you lost your job in April because of the coronavirus pandemic and now wish you were getting a refund.

Say, for example, you filed a 2019 return back in February and, instead of getting a refund, elected to apply your overpayment against your 2020 tax liability. Since 2019 tax returns aren't due until July 15, 2020 (or October 15 if extended), there's still time to file a superseding return this year. We also recommend writing 'Superseding Return' at the top of the form. Instead, you can file what's called a 'superseding return.' Basically, if you file a second return before the filing deadline, the second return 'supersedes' the first return and is treated as the original return.Ī superseding return must be filed on a paper Form 1040 – e-filing is not allowed.

If the filing deadline, including extensions, hasn't passed, then you don't want to file an amended return. What if you just filed a tax return and then discovered a mistake the very next day. Because every taxpayer should have a basic understanding of what it takes to change their return after it's filed, here are 11 tips on how and when to file an amended tax return. That way, you'll know to check your previously filed return if and when they happen.

It also helps to be familiar with some of the more-common occurrences that can trigger the need for an amended return (in addition to just a mistake). But what if you suddenly realize there's a mistake on a tax return that you filed months (or years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return? What do you do now? Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step.įiling an amended return isn't particularly difficult, but there are a few things you should know about the process before getting started. And sometimes you don't even realize your errors until well after they're made.

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