Wednesday, March 2, 2011

When to Amend 1040 filed? | Process of amending tax return

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When to Amend 1040 filed? You should correct your return if, after you have filed it, you find that:
  • You did not report some income,
  • You claimed deductions or credits you should not have claimed,
  • You did not claim deductions or credits you could have claimed, or
  • You should have claimed a different filing  status. (Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return  However, an executor may be able to make this change for a deceased spouse.)

Form 1040X.


Completing Form 1040X.

On Form 1040X  enter your income, deductions, and credits as  you originally reported them on your return, the  changes you are making, and the corrected amounts. Then figure the tax on the corrected amount of taxable income and the amount you owe or your refund. If you owe tax, pay the full amount with Form 1040X. The tax owed will not be subtracted from any amount you had credited to your estimated taxUse Form 1040X, Amended U.S. Individual Income Tax Return, to correct a  return you have already filed. An amended tax return cannot be filed electronically under the e-file system.