Everyone makes mistakes from time to time. When those mistakes happen during tax time, they can result in trouble with the IRS. Fortunately, it may be possible for a Missouri resident to amend the income tax return containing the error or errors, with minimal or no repercussions.
When a Tax Return Can and Cannot be Amended
To be clear, a taxpayer may not use Form 1040X to make corrections to his or her math. The amended income tax return is only for use when an individual forgets to include a source of income, claims the wrong filing status, claims a dependent he or she should not have and more. This form is also used when incorrectly claiming head of household.
A tax return may also be amended to the taxpayer’s favor. For instance, if he or she could have claimed additional dependents and failed to do so, the return may be amended. There could be other credits or deductions that an individual either was not aware of or forgot at the time of filing. In addition, many people do not realize that they have three years to amend a return, which is also the amount of time the IRS has to audit a return.
How Long Does an Amended Tax Return Take to Process?
It should be noted that filing an amended tax return can only be done by mail. It may take the IRS up to 12 weeks or more, depending on the circumstances, to review it as well. Even so, it is still best to amend a return as soon as an error is discovered in order to avoid any misunderstanding with the agency. It is ordinarily better to come forward about a mistake rather than it being discovered, which could potentially launch an investigation by the agency against a Missouri taxpayer.