Taxes – Using a 1040x to Amend Your Tax Return
If you discover an error in a tax return that you have already filed with the IRS, the only way to make that error go away is to file an amended return.
If there was an error in math on the tax return that you filed, generally, there is no need to Amend the return. However, if you used an incorrect filing status, or realized that you have income that you did not add to the return, or you found evidence of additional deductions or forgot to take a credit, that you will need to file a Form 1040X, Amended U.S. Individual Income Tax Return
If you are filing a Form 1040X, to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a current year amended return, file Form 1040X and pay the tax by April 15 of the current year.
THIS BILL AND OUR MILITARY
If you are military family (of course this is nationally) you have a wee bit more flexibility for the deadline and extension. If you have been deployed for 90 days or longer in 2008 or 2009, you will have until April 30, 2011 to sign that same real estate contract mentioned above. That’s huge! Think of what that would mean to your family. You’re serving our country and it would be and obviously strain and very tough to make a big financial decision like that when you have your mind just staying safe and out of harm’s way. You will have the luxury of coming home, taking time with your family to make the right decision and not one made out of haste.
If you are already a Texas resident and have a few questions, I suggest you contact a mortgage banker such as us, to have this more clearly defined. The laws in Texas as it pertains to military loans for residents coming into Texas or already here, differ vastly from the rest of the country.
On the back of the form, there is an area to explain, why and what changes are being made.
You must also attach any forms or schedules that are included in the changes. Generally, to claim a refund, the 1040X must be filed within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later
Resource Author Francisco Rodriguez H.
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