Suppose you need to change your filed federal income tax return due to errors or omissions. In that case, you must use Form 1040-X, Amended Return, to do so.
If you need to make changes to your tax return and the IRS hasn’t yet processed your submission, you could be at risk of incurring fines or losing out on a refund that you’re entitled to.
Discover how long it takes to get your refund after filing an updated return and other relevant details here. This year’s wait is longer than usual, as it has been with many things in the post-pandemic era.
Here’s why you should correct your tax return
You can amend tax returns if they include mistakes or if important information is left out. If you don’t, you can get hit with a fine if you owe the IRS money or miss out on reimbursement if the government agency is in your favor.
You must amend your original tax return and any extensions you were granted within three years. You must file the modification within two years of the date you paid the taxes that were owed.
Being proactive is rewarded. If your updated tax return is submitted after the IRS’s deadline, they may reject it, causing costly complications. Using up-to-date tax software is a good idea if you have no idea where to begin.
You can check in on the IRS’s processing of your amended return after you’ve submitted it.
Where is my corrected tax document?
There are a handful of ways to verify that your revised tax return has been processed.
Internet
Go to the IRS website and see the “Where’s My Amended Return?” page. When you use the modified return tool and enter your details (SSN, DOB, and ZIP code), you will be able to check on the progress of your return.
Please be aware that the Internal Revenue Service (IRS) can spend up to three weeks processing an amended return. As soon as it’s reviewed, you’ll notice that it has been filed within one of the below headings:
Received: The IRS has received and processed your updated tax return.
Adjusted: The Internal Revenue Service corrected your return, which might result in either a tax refund or a different amount owed.
Completed: The IRS has finished reviewing your revised return and will send you further instructions in the mail as they are ready.
Once the corrected return is in the system at the relevant tax agency, you can monitor its progress daily.
However, you cannot follow certain kinds of modified returns via the website. One example is filing a tax return amendment with a new foreign address.
Via telephone
You can also call the IRS’s robot line at 866-464-2050 if you’re having trouble with the online tool.
Note: As of the end of December 2021, the Internal Revenue Service website warned that the processing time for an amended return has increased to more than 20 weeks, up from the average processing time of 16 weeks.
How come this is taking so long?
Various factors related to the pandemic have made it difficult for the IRS to maintain its usual processing timelines, including a shortage of staff, a queue of paper forms, and problems relating to the increased child credit and other modifications.
IRS forecasts show a dramatic increase in the filing of modified tax returns in 2021. According to the IRS’s projections, roughly 5.4 million Americans will file amended returns in 2019, up from 3.1 million in 2020.
There are several potential bottlenecks in the process, such as:
- Your corrected tax return contains mistakes.
- The information you provided on your form is incomplete.
- It is missing your signature.
- Sadly, you’re a victim of fraud or identity theft.
If that’s the case, the IRS may return the revision with a request for more details.
Once a determination has been made on your updated return and whether or not you end up owing any additional money, you may file an appeal or request that the decision is reconsidered.
Where is the money I was supposed to get back for filing a corrected tax return?
Amended tax returns take longer for the IRS to process, so taxpayers have to wait longer for their money. Be patient; there may be a delay.
After filing an updated return, the IRS will send a check if you are due a refund. Refunds associated with Form 1040-X are not available for direct deposit at this time.
What should be done next
If you need to change your tax return, you can easily file an updated one and keep tabs on it after you know the proper procedure. You need to file a Form 1040-X to correct or supplement your original return as quickly as possible if you forgot anything or made a mistake.
Consulting a tax expert may be helpful if you want to speed up the modification process or double-check your work before submitting the form.
And if your return is taking forever to arrive, try some of these ideas to get some quick cash.
Reduce your monthly loan payments. Credit cards are helpful when you don’t have any cash on hand. Still, the interest payments can quickly add up and drain your finances significantly. You could save money on interest and get rid of your debts more rapidly with a debt consolidation loan if you relied too much on credit cards during the pandemic.
Pay off your education debt. Data from MeasureOne shows that Americans’ total amount of student loan debt owed to banks and other finance providers is close to $139 billion. However, current refinancing interest rates for student loans are at historic lows. If you refinance, you can save a lot of money on interest and possibly finish paying off your student loan years earlier.
Save money by doing your shopping online and getting deals. Reduce your regular spending after you’ve gotten a handle on your debt. Before you go online shopping again, you might consider installing a free add-on that will search for better deals and discounts for you.
Make money from your spare change. Download a popular software that lets you invest your “spare change” and see your pennies grow into a portfolio, even if you don’t have much experience or money to participate in the stock market.
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