What is Form 1040X - Amended Tax Return?
Do you need to file an
made a mistake on your tax return or if you find that you did not report
some taxable income on your tax return, you claimed tax deductions or
tax credits you should not have claimed on your tax return, you failed
to claim some tax deductions or tax credits you are entitled to on your
tax return, or you should have used a different filing status on your
tax return, you should file an amended tax return.
If you file an amended tax return shortly before the three (3)
year statute of limitations expires and the amended tax return shows you
owe additional tax the IRS has sixty (60) days from the date it receives
the amended tax return to assess any additional tax - even if the
statute of limitations has expired.
The tax form you use to correct a Form 1040, 1040A, or 1040EZ
you already have filed is Form
U.S. Individual Income Tax Return.
If you file an amended tax return and owe additional tax to the
IRS, or you are assessed additional tax by the IRS, you may also owe
additional state income tax. The IRS shares it's information with most
states, and visa versa. You may be able to avoid interest and tax
penalties on your state tax return by promptly amending the state tax
return. The reverse is also true if your state tax liability increases.