Filing a tax return can be a tedious process, but it is necessary to ensure that individuals pay the correct amount of taxes owed and receive any refunds that they are eligible for. However, it is sometimes easy to make mistakes when filing your taxes.
An amended tax return is an effective tool for correcting mistakes or omissions, such as changes in filing status, incorrect income information, or miscalculations. When you file an amended return, the Internal Revenue Service (IRS) will review your new documentation and issue a revised refund if applicable.
Luckily, we have created a helpful guide to walk you through the tax amendment process and answer any questions you may have.
What is An Amended Tax Return?
An amended return, using Form 1040X, is a tax return submitted to the Internal Revenue Service (IRS) to correct errors or update information from a previously filed return. Amendments are necessary when income has been misreported or omitted, deductions were miscalculated, or an item was double-counted.
By filing an amendment to their initial tax return, taxpayers have the opportunity to adjust their tax status and receive a larger refund. Amending a return differs from making an adjustment with the IRS in that it requires completely refilling out a new form and submitting updated documentation.
Understanding the Timeframe for Processing Amended Tax Returns
When filing an amended tax return, you can generally anticipate a timeline of up to 12 weeks for the return to be registered in the IRS’s system and up to 16 weeks for the return to be reviewed and either processed or issued.
Depending on your individual case, however, this timeline may extend beyond that, prompting further investigation into the status of your return. It is important to note too that should any disputes arise during this time period, they should be addressed immediately in order to minimize any disruption or further delays.
The timing of a refund after the IRS receives a return heavily depends on various factors. When there are errors, incomplete information, or potential identity theft or fraud, an in-depth manual review must be done, which can cause delays in the refund process.
Additionally, returns that request corrections to Child Tax Credit or Recovery Rebate Credit amounts, including a claim for Earned Income Tax Credit or Additional Child Tax Credit and/or Form 8379 may take longer to process.
These extra checks and processes could significantly increase the time required for the IRS to issue a refund. If taxpayers provide incorrect information such as bank account numbers or old addresses, it will further delay the processing of the return and result in a longer wait for refunds.
Checking the Status of Your Amended Tax Return Online
When you check the status of your return, there are a few possible results you can find.
- Return received: This means that the IRS has received your tax return forms, and they are now processing them.
- Return adjusted: If this is your status, it means that some changes were made to your return after it was filed. These may include corrections or additions to the information on your return, such as changing the amount of income or deductions listed.
- Return completed: This indicates that the IRS has finished processing and either accepted or rejected your tax return. Depending on the result, you may need to take additional steps before completing your tax filing.
It’s important to carefully check the status of your return and take any necessary action promptly in order to ensure accurate filing of taxes for each year. Additionally, there is information that you must possess in order to check your status online, or through any other alternative method.
When tracking an amended return, it’s important that your identity is confirmed. For this reason, you’ll need to provide certain information to the IRS, such as your Social Security number or Individual Tax Identification number, date of birth and ZIP Code.
This will allow them to quickly identify who you are so they can process your request. To keep things running smoothly and efficiently, it’s best to have these details ready when talking with an IRS representative or accessing online services. With the right information in hand, you can begin to check the status of your return, by following the steps below.
Step 1: Visit the IRS website and find the “Where’s My Amended Return?” online tool. This tool is available in both English and Spanish.
Step 2: Input your taxpayer identification number, such as your social security number. You’ll also need to enter your date of birth and ZIP code so that the IRS can verify your identity.
Step 3: Once these details have been verified, you’ll be able to view the current status of your Form 1040-X, Amended U.S. Individual Income Tax Return across three processing stages – Received, Adjusted, and Completed. This will show you how far along in the process your amendment is and when it should be finished.
Step 4: If you prefer not to use the online tool, you can call 866-464-2050 three weeks after filing to check on the status of your amended return. The same information will be provided to you over the phone as with the online tool.
Alternative Methods for Checking the Status of Your Amended Tax Return
Just as we mentioned above, you can also check the status of your amended tax return by phone. Both options are offered in both English and Spanish, making them accessible to a wider variety of people.
To use either option, it is recommended to wait at least three weeks after filing the amended return before checking its status. Those who would prefer to speak with someone can call the toll-free telephone number where they will be provided with updated information on their amended returns.
By using this option taxpayers can easily stay informed on their amended returns and ensure that they file correctly by utilizing resources the IRS makes available.
What to Do If Your Amended Tax Return is Delayed
When filing an amended return with the Internal Revenue Service, it is important to be mindful of any issues that could delay the review process. According to the IRS, mistakes, incompleteness, or a lack of a signature on the amended return can all cause delays.
Additionally, if more information is needed from the filer, this can slow down processing times. If Form 8379, Injured Spouse Allocation, has been included in the amended return, this too can lead to a longer wait time for the review process.
Finally, specialized areas within the IRS such as bankruptcies, may require additional time beyond 20 weeks for the completion of reviews. However, filers will be contacted by the IRS if more information is necessary for their returns to be processed quickly and accurately.
If this occurs, it is recommended that you check with the IRS as soon as possible to ensure that all necessary documents have been provided and that there are no other delays that could potentially delay your return or payment even further.
Conclusion
With UltimateTax, we provide a comprehensive suite of tax preparation software to suit any level of experience. Whether you’re a novice or an experienced tax preparer, our products will easily guide you through the process.
Our simple software will take new users step-by-step through the process in no time, while more advanced options are available for those already familiar with tax regulations. With our high-quality assurance measures, you can be confident that your taxes are done right – every time.
Additionally, after filing, if you need to amend your returns, we will be with you every step of the way. From any questions you may have to any assistance submitting your tax information, we are here to help. For more information, contact us as soon as possible.
