The IRS creates many different forms for tax payers to use. The form you should use to file your taxes depends on your situation. Your marital status, whether you have dependents and if you are claiming any itemized deductions can all make a difference. Sometimes people make a mistake filling out their tax returns. When this happens you will have to file an amended tax return using form 1040x.
Filling out form 1040x can be a complicated process. There are two parts that are necessary for you to complete. No matter which tax form you used to file the original return, you will need to begin the amended process with the 1040 long form. Be sure to include all the necessary schedules. Make sure the figures entered on the new 1040 long form match the figures on the 1040x.
Amended tax returns are more closely looked at by the IRS. Before you begin filling out the 1040 long form, gather all the information you will need. Be sure to include your original return, all W-2s, receipts, bank statements and any other documents that you will be using.
Once you have all of your information gathered, begin filling out the new tax return. The 1040x will summarize the information that is entered on the long form. The figures that you enter on the 1040 long form must match line for line with what you enter on the 1040x.
The most important part of the Form 1040x is Part C. On this page you will enter the reason why you need to amend your taxes. Your explanation should be short and sweet but thorough. Many times the IRS will reject amended tax forms because the explanations are unclear. If you need more space than what the form provides, add it in another document.
The Form 1040x is a generic form that can be used for any year. Make sure you write the year of the taxes you are amending on the top of the form, Part B. If you need to amend your taxes for more than one year, a separate form will be needed for each.
If you received a bigger refund than you were due, you will owe the IRS money. However, if the refund you received is less than the amended amount you will have a refund coming. Unfortunately, refunds from amended taxes are not eligible for direct deposit.
Before sending off your amended tax return there are a couple of things you should look at. Check and then recheck your math, you want to make sure that your entire figures match. Make sure that all of the necessary documents have been included. And do be sure to sign and date the form.
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