• What is a 1040-X Form & When Do I Need It?

    January 15, 2022
  • An image of a variety of tax documents that are lying on a table and needing to be filed by a professional accountant in Springfield, IL.

    Did you make a mistake on your 1040 tax return? Don’t worry – the IRS allows you to amend your tax returns with three years of the initial filing date! At JLW Tax & Bookkeeping Services in Springfield, IL we help clients amend their tax returns by filing a 1040-X form. Whether it’s a common mistake or you left out an entire section, our accountants are here to help you accurately and honestly file your taxes. Keep reading below to learn more about the 1040-X form and when you need it.

    Who Can File a 1040-X Form?

    A 1040-X form can be filed by any taxpayer that has already filed a tax return to the IRS and needs to have it amended for a variety of reasons. Whether you made a mistake on your 1040, 1040-SR, or 1040-NR forms and need to have them fixed, or need to claim an unused credit, JLW Tax & Bookkeeping Services in Springfield, IL is here to help every step of the way. We handle a variety of amended tax documents and analyze them thoroughly to ensure that you get the refund you deserve. Visit our office today for a free consultation about your amended tax returns.

    A close-up image of a 1040-X tax document with a pen and calculator sitting on the document in Springfield, IL.How to File a 1040-X Form

    Luckily, our professional attorneys at JLW Tax & Bookkeeping in Springfield, IL are responsible for the know-how when it comes to filing 1040-X tax forms. However, it is still important as a filer to know what is happening every step of the way. Once the form is filled out with line-by-line descriptions of everything that is being changed on your current tax document, the amount of refund will be added up and written on the document. After everything has been filled out, our tax experts will seal the envelope and send it out to the IRS.

    What Do I Have to Include When Submitting the 1040-X Form?

    When submitting your 1040-X amended tax form, the information you need to complete the process is fairly simple. Our accountants at JLW Tax & Bookkeeping Services in Springfield, IL require the following documentation to complete the filing process for a 1040-X tax form: 1040-X document filled out correctly, a revised version of the entire 1040 form, and any other tax documents from your previous filing, even if they weren’t amended. Once our attorneys have this information, be on the lookout for a letter from IRS letting you know everything is in the clear.

    A person filling out a 1040-X tax document with a pen and using a calculator while sitting at a wooden desk in Springfield, IL.How Long Do I Have to File a 1040-X Form?

    So you made a mistake when filing your taxes – don’t panic! It’s easy to think that getting a letter in the mail from an IRS means that you must act quickly, or else, but that’s not the case. The IRS understands that mistakes happen and give you plenty of time to restore any errors on your filed taxes. If you do not get a letter in the mail but notice a mistake on any tax return from the last 3 years, you can make an adjustment that can affect the amount you are being refunded. If you are unsure of whether or not your taxes were filed correctly, our experts at JLW Tax & Bookkeeping Services always recommend contacting a professional to doubt check. Give us a call today at (217) 679-1872 for help with your taxes in Springfield, IL.