Amended Returns
If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there is no need to amend your return. However, you do need to file an amended return if there is a change in your filing status, income, deductions, credits, or tax liability. For taxpayers with state filing requirements, changes to your federal return resulting from an RAR (Revenue Agent’s Report) may also necessitate the filing of amended returns with each state in which you filed an original return.
Balance Due
If you owe additional tax for a tax year for which the due date for filing hasn't passed, you can avoid penalties and interest if you file an amended return and pay the tax by the filing due date for that year (without regard to any extension of time to file). If the filing due date falls on a Saturday, Sunday, or legal holiday, filing the form and paying the tax is timely if filed or paid the next business day. If you file after the due date, do not include any interest or penalties on your amended return; they will be adjusted accordingly.
When to File
You can only file an amended return after you have filed your original return. Generally, for a credit or refund, you must file your amended return within three years (including extensions) after the date you filed your original return or within two years after the date you paid the tax, whichever is later. If you filed your original return early (e.g., March 1 for a calendar year return), your return is considered filed on the due date (generally April 15). However, if you had an extension of time to file (e.g., until October 15) but you filed earlier and the IRS received it July 1, your return is considered filed on July 1. The time limit for filing an amended return can be suspended for certain people who are physically or mentally unable to manage their financial affairs. Special rules apply for refund claims relating to net operating losses, foreign tax credits, bad debts, and other issues. Call Tax Muscle at 855.829.6875 for help with filing your amended return.
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