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William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘amended tax return’

9 Tax Facts about Amending a Tax Return

Posted by William Byrnes on May 21, 2014

The IRS in Tax Tip 2014-51 alerted taxpayers to their ability to amend a tax return after it has already been filed with the IRS.  By example, if a taxpayer discovers that a mistake was made on the return, such as a mis-statement of income or inadvertent inclusion or exclusion of a deduction, the taxpayer can correct the mistake by filing an amended tax return.

9 tax facts that a taxpayer should know about filing an amended tax return include:

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on a tax return.  But the amended return must be filed on paper.  Amended returns cannot be e-filed.

2. A taxpayer should file an amended tax return if there is an error claiming a filing status, income, deductions or credits on the original return.

3. However, a taxpayer normally will not need to file an amended return to correct simple math calculation errors on the return.  The IRS computers will find those math errors and automatically make those changes.  Such changes may effect the tax due or increase or decrease a refund.  Also, a taxpayer does not to file an amended return because of a forgotten tax form attachment, such as a W-2 or schedule. The IRS will normally later send a request for those to be sent separately.

4. A taxpayer normally has 3 years from the filing date of the original tax return to amend the tax return to claim a refund by filing Form 1040X . A taxpayer may file the amended return within two years from the date of paying the tax due, if that date is later than the filing date of the tax return.  Thus, generally the last day for most taxpayers to file a 2010 claim for a refund is April 15, 2014, unless a special exception applies.

5. If a taxpayer needs to amend more than one tax return, then a 1040X must be prepared for each year. Each 1040X form must be mailed in a separate envelope.  Note the tax year being amended on the top of Form 1040X.  Form 1040X’s instructions include the address where to mail the form.

6. If a taxpayer has other IRS forms or schedules that required changes, then attach them to the Form 1040X.

7. If a taxpayer is due an additional refund because of a potential amendment from the original return, then the taxpayer should wait to receive that first refund before filing Form 1040X to claim the additional refund.  Amended returns require as much as 12 weeks to process.

8. If a taxpayer ends up owing more tax, then file the Form 1040X and pay the tax as soon as possible. This will reduce any interest and penalties on that amount owing.

9. An amended tax return can be tracked three weeks after it is filed with the IRS tool: ‘Where’s My Amended Return?’ or by phone at 866-464-2050.  This tool can track the status of an amended return for the current year and up to three years back.  The ‘Where’s My Amended Return?’ tool requires a taxpayer identification number, normally the Social Security number, and the date of birth and zip code.


Because of the constant changes to the tax law, taxpayers are currently facing many questions connected to important issues such as healthcare, home office use, capital gains, investments, and whether an individual is considered an employee or a contractor. Financial advisors are continually looking for updated tax information that can help them provide the right answers to the right people at the right time. For over 110 years, National Underwriter has provided fast, clear, and authoritative answers to financial advisors pressing questions, and it does so in the convenient, timesaving, Q&A format.

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Robert Bloink, Esq., LL.M., and William H. Byrnes, Esq., LL.M., CWM®—are delivering real-life guidance based on decades of experience.  The authors’ knowledge and experience in tax law and practice provides the expert guidance for National Underwriter to once again deliver a valuable resource for the financial advising community,” added Rick Kravitz.

Anyone interested can try Tax Facts on Individuals & Small Business, risk-free for 30 days, with a 100% guarantee of complete satisfaction.  For more information, please go to www.nationalunderwriter.com/TaxFactsIndividuals or call 1-800-543-0874.

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IRS Reports 131 Million Tax Returns Filed but Many Amended Returns Expected

Posted by William Byrnes on April 29, 2014

The IRS reported in its 2014-56 NewsWire that 131 million tax returns were filed by the deadline of April 15 for the tax year of 2013.  88% of these tax returns were e-filed of which 35% (almost 46 million returns) were filed by taxpayers from home computers.

But the IRS disclosed that it expects nearly 5 million of these taxpayers to file amendments to their returns by filing Form 1040X during 2014.  Generally, for a credit or refund, taxpayers must file Form 1040X within 3 years, including extensions, after the date they filed their original return or within 2 years after the date they paid the tax, whichever is later. For most people, this means that returns for tax-year 2011 or later can still be amended.

Thus far, the IRS has released 94,809,000 refunds averaging $2,686 each.  In all, the IRS has had to return almost $255 billion to taxpayers in the form of refunds of access tax withholdings.

Same Sex Couples Amending Returns

The IRS alerted same-sex couples to consider filing amended returns for past years.  A same sex couple, legally married in a state or foreign country that recognizes their marriage, is now considered married for tax purposes. This is true regardless of whether or not the couple lives in a jurisdiction that recognizes same-sex marriage.

For returns originally filed before Sept. 16, 2013, legally married same sex couples have the option of filing amended return to change their filing status to married filing separately or married filing jointly. But they are not required to change their filing status on a prior return, even if they amend that return for another reason. In either case, their amended return must be consistent with the filing status they have chosen.

If a taxpayer still owes tax for the year 2013, then read https://profwilliambyrnes.com/2014/04/15/4-tax-tips-if-you-cant-pay-the-full-amount-of-taxes-on-time/

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