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Jean   Murray

I Found a Deduction - Can I File an Amended Tax Return?

By February 25, 2013

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If you find some information that changes your income tax for one or more previous years, you may want to file an amended return.

What you need to know about filing an amended tax return:

In general, the IRS says you must file the form within three years from the date you filed your original return or with two years from the date  you paid the tax, whichever is later. But you should file as soon as you discover the error. If the error results in additional taxes, you will have to pay fines and penalties, so the sooner the better.

The form you must use for an amended return depends on your business type.

  • For a sole proprietor or single-member LLC filing on Form 1040X
  • To amend a tax return for a corporation, file form 1120x.
  • To amend taxes for an S corporation, create a copy of the original return (on Form 1120S), and check Box H-4 (Amended Return) on the copy. Then use the copy to make the change
  • To amend a partnership or multiple-member LLC return, make a copy of Form 1065 and check box G(5) on page 1.ges to the return, and re-file. You may also need to file amended forms for individual shareholders.

When you DON'T have to file an amended return
You don't have to file an amended return if you made a calculation error; the IRS will find and fix it. If you forgot to include a schedule or form, the IRS will request it.

For more information: William Perez, at Tax Planning, has some tips for filing an amended tax return on Form 1040X.

And Rosemary Peavler, Guide to Business Finance, has more information on filing an amended tax return.


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July 18, 2013 at 5:10 am
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