How long to redo taxes

Here are some examples of common scenarios that could require you to file an amendment:. After you filed your taxes, you received a W-2 for a job you held for only a few weeks. The amount on the form may be just a few hundred dollars, but it could still affect your tax. Or you received an interest statement for a bank account you had forgotten about. The IRS expects you to report all of your income for the year. Filing an amended tax return could allow you to claim that money.

For example, if you paid college tuition during the tax year, you could be eligible for the American opportunity tax credit or the lifetime learning credit. Claiming a personal exemption, you went ahead and filed your taxes before your parents had a chance to file.

But your parents want to claim you as a dependent on their taxes. Now your parents cannot claim you as a dependent on their taxes. People make mistakes, and so do companies. When you receive the new W-2C it will display the previously reported information next to the correct information to let you know what needs to be corrected.

If the numbers changed and you already filed your return using the incorrect W-2, you will have to file an amendment. You worked a side gig but had no idea you had to report the extra income on your federal income tax return. In this case, you may have underpaid your taxes. The notice shows the side gig income that you forgot to report.

If you use other IRS forms or schedules to make changes, make sure to attach them to your Form X. When to file for corrected refund. If you are due a refund from your original return, wait to get it before filing Form X to claim an additional refund.

Amended returns take up to 16 weeks to process. Pay additional tax. If you owe more tax, file your Form X and pay the tax as soon as you can to avoid possible penalties and interest from being added to your account. Track your amended return. The tool can track the status of an amended return for the current year and up to three years back.

If you have filed amended returns for multiple years, you can check each year, one at a time. This page is designated as historical and is no longer updated. Don't confuse the IRS and make your situation worse by filing an amended return when you shouldn't. Separate fact from fiction when it comes to IRS audits. Learn what causes tax audits, what happens during an audit, and what to do if you get an IRS letter. What triggers the IRS to audit a tax return?

Learn how common tax mistakes and errors can be a red flag and affect your chances of being audited by the IRS. This link is to make the transition more convenient for you. You can get the status of your amended returns for the current tax year and up to three prior years.

The automated system will tell you if your return has been received, adjusted, or completed. All you need is your Social Security number, date of birth and zip code to access the system. It can take up to three weeks from the date you mail your amended return for it to show up in the IRS's system. After that, it generally takes eight to 12 weeks for an amended return to be processed, but in some cases it can take 16 weeks or longer—so you have to be patient. Now let's get into some of the more common reasons why you might want to file an amended return.

Many people file one to claim an overlooked tax deduction or credit. The tax code is chock full of tax breaks, so it's easy to miss one that applies to you. If you discover a deduction or credit that you qualify for after filing your original return, simply file an amended return within the three-year period described above to claim it now and get a refund. It might not be worth the effort if it's only going to reduce your taxes for that year by a few bucks, but you do have the option.

Also, if you're amending an older return, remember that the recent tax-reform law changed many tax breaks beginning with the tax year. Several deductions and credits were eliminated or reduced, but others were added or expanded. So just because you're entitled to a tax break now doesn't mean you were entitled to it on your pre return.

If there are any retroactive tax laws enacted that include new or expanded tax breaks, you'll want to check your previous tax returns to see if you can take advantage of the new law. For example, a "tax extenders" law was passed in December that will trigger a lot of amended returns. The term "tax extenders" refers to a collection of tax breaks that keep expiring but are then retroactively extended by Congress for another year or two.

The law temporarily revived a number of tax breaks that had expired at the end of , including the mortgage insurance premiums deduction, income exclusion for forgiven mortgage debt, college tuition and fees deduction, and credit for energy-efficient home improvements. If you can claim any of these tax breaks for , go ahead and file an amended return to get a refund. You'll need to file an amended return if you receive information after filing your original return that significantly changes your taxable income.

For example, you might receive an amended W-2 form or a form showing previously unreported income enough to make a difference on your return. If the new information affects the deductions or credits that you claimed on your original return—for example, by upping your income to a point where the tax break is reduced or no longer available to you—you'll need to file an amended return for that, too.

You won't receive a refund for these types of changes, but you still need to file an amended return to avoid penalties and additional interest. Changes you make on an amended return affecting your income, deductions or tax liability may also affect the amount of or cause you to owe the alternative minimum tax. So be sure to check that, too. If you're the victim of a hurricane, wildfire or other natural disaster, you might be able to file an amended return to claim a casualty loss deduction for the tax year before the disaster.

Alternatively, you can claim the loss in the year of the disaster: Pick whichever year is more favorable to you. Otherwise, this special rule doesn't apply. If you decide to claim the loss for the year before the disaster, you must file your amended return no later than six months after the due date for filing your original return without extensions for the year in which the loss took place.