The Benefits of Filing Form 1040-X

IRS Form 1040-X is the IRS tax form that allows individuals to amend tax returns. The IRS uses this tax form to make changes (or changes) to a previously-filed tax return.

It is important to understand Form 1040-X is a tax form used to correct the previous year's or some prior tax year's tax return. The changes made using Form 1040-X could affect a taxpayer's refund, or the balance due, for the current year or prior tax years.

There are several benefits to why a taxpayer may need to file Form 1040-X. Some common reasons include:

• The individual made a mistake on his or her initial tax return, such as forgetting to add income or selecting an incorrect deduction or credit.
• After the original tax return was filed, additional income was received or additional payments were made.
• The taxpayer received an amended W-2 or 1099 form after the tax return was filed.
• The taxpayer received an IRS letter to inform them that their original tax return had errors or incomplete information.

There are time limits for filing Form 1040-X. You must file the initial or an amended return within three or, in some circumstances, two years of the date you filed your original federal tax return, whichever is later. If you are filing Form 1040-X to claim a refund, you must do so within three years of the date you filed your original federal tax return, or within two years of the date you paid the tax, whichever is later.

If you’re unsure of whether or not you need to make a tax amendment — even if it’s on the last day to file taxes, we can help. Our SDG Accountant tax review is free. Schedule a time to book a consultation to put your wondering to rest.