Amending your income tax return

What if you've sent in your income tax return for a previous year and then discover you made a mistake? You can make things right by filing an amended tax return. And, don't think an amended return will automatically cost you money; it's perfectly okay to change a return to capture a tax break you missed the first time around.

Can I change my federal income tax return?

Once you have dropped your original income tax return in the mailbox or sent it off electronically, you can no longer change that return. (One exception: If your e-filed tax return is rejected, you can make changes before sending it in again.)

If you want to make changes after the original tax return has been filed, you must file an amended tax return using a special Form called the 1040X, entering the corrected information and explaining why you are changing what was reported on your original return. You don't have to redo your entire return, either. Just show the necessary changes and adjust your tax liability accordingly.

You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.

Can I use tax preparation software to amend my return?

Yes. TurboTax walks you step-by-step through amending your federal income tax return.

Can I e-file a Form 1040X?

No. The IRS isn't set up to accept an amended return electronically. You must print it out and send it in by mail.

How do I amend my state tax return?

First, fill out an amended federal income tax return, Form 1040X. Then, get the proper form from your state and use the information from Form 1040X to help you fill it out.

Like the IRS, your state uses a special form for an amended return. Many states also use the X suffix for the form number. For example, California uses Form 540X. Other states do not. The Hawaii form, for example, is Schedule AMD.

Don't forget to attach a copy of your amended federal return (Form 1040X) to your amended state return, if the state requires it, as is usually the case.

Brought to you by TurboTax.com

 

Taxpayer Beware: Email Phishing Scams

The IRS reported a 400% rise in phishing scams during the 2016 tax season. Phishing schemes are designed by cyber criminals who attempt to lure unsuspecting victims into revealing their personal and financial information, usually through unsolicited emails. You can avoid becoming a victim of fraud if you know what to look for.

Read More

Brought to you by TurboTax.com

Can I Deduct My Computer for School on Taxes?

You may be able to get back the cost of that computer you're using for school on your income taxes.

Read More

Brought to you by TurboTax.com

What Are Income Tax Rates?

Confused by what percentage of your income goes to taxes and why it does not match the rate in the tax table? Here are the basics on how income tax rates work.

Read More

Brought to you by TurboTax.com

Can Cellphone Expenses Be Tax Deductible with a Business?

Cellphones have become just as vital to business as a land line, which makes cellphone use a legitimate, deductible business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it’s a deduction that the IRS scrutinizes very carefully to make sure personal electronics use isn’t being claimed as a business expense.

Read More

Brought to you by TurboTax.com
Read Full Story