Form 1040X is used to amend a return that has already been filed. It can be used to make corrections to your filing status, income, deductions, and credits. You may need to file Form 1040X if you forgot to include information on your original return, or if you need to make changes because you received new information after you filed.
To complete the 1040 X, you will need a copy of your original tax return, as well as any other forms or schedules that were included with it. Make sure to fill out the 1040 X completely and accurately. Incomplete or inaccurate forms will delay the processing of your amended return.
Here are the steps you need to follow to electronic filing Form 1040X:
Step 1. Enter the information for the return you are amending. In the first section of the form, you will need to enter the information for the return you are amending. This includes the tax year, your filing status, and the reason you are filing an amended return.
Step 2. Enter your personal information. At the top of the form, you will need to enter your name, address, telephone number, and social security number.
Step 3. In the field below, you need to note the changed status of the declaration.
Step 4. Enter your corrected income and deductions. In this field, from the first to the fifth line of the form, you will need to enter your corrected income. This includes your wages, interest, dividends, and other types of income.
Step 5. Enter your corrected deductions and credits. In this section of the form, you will need to enter your corrected deductions and credits. This includes your standard deduction, individual retirement account contributions, and child and dependent care credit.
Step 6. Enter your information for any payments you have made. In this section of the form, you will need to enter your information for any payments you have made. This includes your estimated tax payments and any federal tax withheld from your wages.
Step 7. Enter your information for any refunds you are due. In this field, from the eighteenth to the twenty-third line of the form, you will need to enter your information for any refunds you are due. This includes your refundable credits, such as the earned income credit and the child tax credit.
Step 8. On the next page, in the first part of the form, you must enter the corrected information about your dependents.
Step 9. In the second part, you need to check the box with the information that suits you, and in the third part, describe the reason for which you are correcting the previously submitted tax declaration.
Step 10. At the bottom of the form, you will need to enter your signature and date.
It is important to note that you can only file an amended return for a previous tax year. You cannot file an amended return for the current tax year.