📝Amendments are made to correct mistakes in a tax return or claim unclaimed tax benefits.
💡Amendments can be prepared manually or using tax software.
📃A revised return is prepared as a reference for amending the original return.
🧮Amended returns involve recalculating taxes, credits, and deductions based on the changes made.
📨Amended returns can be e-filed or mailed to the IRS, and the processing time can vary.
Why would I need to amend a tax return?
—Amendments are necessary to correct mistakes or claim tax benefits that were not previously claimed.
Can I prepare an amendment manually?
—Yes, amendments can be prepared manually, but tax software can simplify the process.
What documents do I need to amend a tax return?
—You need a copy of your original tax return and any supporting documents for the changes you're making.
How do I calculate the changes for an amendment?
—Follow the instructions provided in the IRS guidelines and use the revised return as a reference.
How long does it take for the IRS to process an amendment?
—Currently, it takes about 16 to 20 weeks for the IRS to process an amendment if e-filed, longer if mailed.
00:03[Music]
00:09Learn how to amend a tax return in this comprehensive guide.
01:26Preparing a revised return to use as a reference for amending the original return.
02:45Calculating taxes, credits, and deductions based on the changes made.
03:25Preparing Form 1040X to file the amendment instead of sending the revised return.
