Getting your tax return filed with the IRS on time is important. In fact, it’s so important that some taxpayers rush through the process and end up not including essential information. If this happens, the good news is that the IRS does allow taxpayers to file amended returns.
There are several common reasons why a taxpayer might need to file an amended return, including:
- Receiving updated or corrected 1099 forms
- Receiving late 1099 forms
- Forgetting to include details of an IRA rollover
- Overlooking a significant deduction
- Receiving a K-1 on an estate that you were not aware of when you filed
This is not an exhaustive list, and there may be other reasons that you need to amend your return. A qualified tax resolution specialist can help you determine if you need to file an amended return as well as assist with the paperwork. If you do plan to file an amended return for any reason, you must file your amended return before the statute of limitations expires, which is three years from the original due date of the return. If you file an amended return after this time, you will not receive a refund, even if the new return indicates you were owed one.
Even if you are not owed a refund, it’s important to file your amended return right away to reduce any penalties or interest you owe on the tax due.
If you need to file an amended return, look to the pros at Taxation Solutions, Inc. We have more than 40 years of experience helping taxpayers solve their tax issues, and we’re ready to help you with yours. Call or e-mail us today to learn more about our tax help services!