Retirement Daily’s Robert Powell caught up with Jeffrey Levine, CPA and tax professional from Buckingham Strategic Wealth Partners, to debate tax suggestions for submitting an amended tax return.
Watch the video above, or learn the transcript under.
Tax Tips for Correcting and Filing an Amended Tax Return
- You must file an amended return to indicate a change in your authentic return to incorporate new data.
- If you might want to change your return previous to the unique due date, you possibly can file a superseding return
- If you might want to change your return previous the unique due date, you possibly can file an amended return, sometimes Form 1040-X
- You can sometimes change your tax return for as much as 3 years from the submitting date
TurboTax Live consultants look out for you. Get skilled assist your means: get assist as you go, or hand your taxes off. You can discuss reside to tax consultants on-line for limitless solutions and recommendation OR, have a devoted tax skilled do your taxes for you, so that you could be assured in your tax return. Enjoy as much as a further $20 off once you get began with TurboTax Live.
Recommended Read: How to Correct Federal Tax Returns
Quotes| How to Fix or Amend Your Tax Return
Jeffrey Levine, Chief Planning Officer, Buckingham Strategic Wealth
Jeffrey Levine, Chief Planning Officer, Buckingham Strategic Wealth
Recommended Read: 10 Tax Tips for Filing an Amended Return
Video Transcript| Jeffrey Levine, CPA and Tax Expert, Buckingham Strategic Wealth
Robert Powell: What choices do you must right and amend your tax return? Well, right here to speak taxes with us is Jeffrey Levine from Buckingham Wealth Partners. Jeffrey, what do people must find out about correcting and amending their tax return?
Jeffrey Levine: Well, I feel at first, as an instance you must do it, or no less than you are going to need to do it. Because one among two issues is true. Either you’re amending your return to indicate a rise in your tax legal responsibility, during which case you must do this. Right, the federal government desires its taxes. Or you are going to be getting a refund, during which case you in all probability need to be sure you’re doing that since you need these {dollars} again. Now, there are some much less frequent conditions the place you might want to amend your return with out truly altering your tax legal responsibility simply since you’ve misreported some data that in the end would not affect the tax legal responsibility. But these are fewer and much between.
When you might want to change your return previous to the unique due date, you possibly can file what’s referred to as a superseding return, which is definitely not an amended return. It mainly treats that outmoded return as if it was your first return filed from the onset. Once you’ve got handed that date although, then you definately would wish to file an amended return. Generally, that might be a 1040-X for particular person filers, married {couples}, single people, widowers, and many others. And submitting that (tax) return merely form of begins along with your preliminary return after which says, this is what we alter. Ultimately, when you get a refund, you will be entitled to that refund. If you owe tax, you’ll owe that tax plus no matter curiosity is due since you did not pay that tax invoice on time. Better to do it sooner moderately than later although. So if you might want to file an amended tax return, get on that and do it as shortly as potential.
Robert Powell: Right, and might you solely right the latest tax return, or are you able to return in historical past and alter different returns?
Jeffrey Levine: Yeah, so when you missed some years, as an instance, and also you filed means late, you may return and amend these tax returns as properly for no less than a restricted time frame. But usually, we’re a three-year statute of limitations on going again and amending your tax returns. (See 1040-X Instructions web page 2 – When to file)
Editor’s Note: The content material was reviewed for tax accuracy by a TurboTax CPA skilled.
TheRoad’s Zach Faulds contributed to the writing of this text and produced the video and/or the graphics related to it.
Source: www.thestreet.com”