Need to file an amended tax return?
Typically, about 3 million amended returns are filed by taxpayers each year. Most tax professionals expect that number to be higher due to the pandemic as taxpayers hope to change elections affecting dependents and refunds. This year, that process just got easier.
The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U.S Individual Income Tax Return, electronically.
Before this year, you could only amend your tax return by paper. At the best of times, that could mean a six-to-eight week wait for processing.
Taxpayers and tax professionals have – for years – hoped that the IRS would allow for e-filing amended returns. According to the IRS, making the 1040-X an electronically filed form has been the agency’s goal for years.
Now, it’s really happening.