Use IRS Form 1040X to file corrected tax returns
Q: What should a taxpayers do if they made mistake or omitted income on their tax returns?
A: Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income, credits or deductions.
Q: What form is used and how is it filled?
A: A form 1040X is the correct form and unlike an original timely filed return, the 1040X can’t be filed electronically. It must be mailed; same with the Oklahoma amended return.
Q: Is a 1040X a complicated form?
A: By hand, it’s complicated. All professional and some consumer software have the option to amend a return. This is an easier way to fix the mistakes but, as with the original, you have to know why there’s a mistake and how to fix it.
Q: Should you file a 1040x for all mistakes?
A: In some cases, it’s not necessary to amend a tax return. Taxpayers shouldn’t worry about math errors because the IRS will make the correction. Taxpayers don’t need to amend their returns if they forgot to include required forms or schedules. The IRS will mail a request to the taxpayer, if needed. If the IRS corrects your return, be sure to check their math since they aren’t always right.
Q: Is the 1040X the only form I need to file when correcting a mistake?
A: Any schedule or form you correct, such as a Schedule A for itemized deductions, must be attached to the 1040X. Also, if you’re amending the state as well as the federal return, you must attach the 1040X and all corrected federal schedules and forms to the state return.
Q: How will the IRS or state know why a taxpayer is amending?
A: On the second page of the 1040X, there’s a space specifically for writing the reasons for the amended return. The state is a little different, they don’t have a amended return, what you need to do with Oklahoma is check the “amended” box at the top of page one of the 511, then go to page 5 of the 511 and there’s the same space for explanation as there is on the 1040X.
Q: Is there a time limit to file an amended return?
A: Generally, to claim a refund, taxpayers must file a Form 1040X and Oklahoma amended return, within three years from the date they timely filed their original tax return or within two years from the date the person pays the tax, whichever is later. For taxpayers who filed their original return early (for example, March 1 for a calendar year return), their return is considered filed on the due date (generally April 15).