Already Filed Your Taxes? Here’s When to File an Amended Return – MEDOWS CPA, PLLC

The big news on the tax presence from final week was that the person tax deadlines for federal and some country income taxes were extended to May 17, 2021. New York State is one of the states which chose to extend the deadline in keeping with the IRS decisiveness to do so—be sure to check with your own state and local anesthetic tax authorities to see if this applies where you do occupation adenine well .
A few other tax reminders related to the cover deadline :

  • The corporate, trust and first quarter estimated tax deadlines have not changed, they are still April 15.
  • There is not any specific guidance on whether the May 17 deadline applies to contributions for 2020 traditional IRAs, Roth IRAs and HSAs. We will provide additional information when it is available.
  • If you need an extension beyond May 17 for your 2020 taxes, you can still file the regular extension form to extend your filing window to October 15. The deadline to submit this form is now May 17, not April 15.
  • If you file for an extension until October 15, you must file by then but you have to pay what you owe by May 17. Otherwise, interest and penalties will start to apply after that date.

The IRS is advising taxpayers not to file amended returns for unemployment income, changing payment dates or the Premium Tax Credit. If you haven ’ deoxythymidine monophosphate filed your render already, then you have a little excess time, but it ’ s best to get it squared away adenine soon as possible—especially if you are expecting a refund. however, if you have already filed your taxes, you may be wondering if given the new Covid-19 stand-in plan tax changes if you need to file an amended return. Two examples of holocene significant tax implications on your return include :

  • Unemployment income up to $10,200 is potentially considered tax-free by the IRS under the American Rescue Plan Act. This applies to individuals with annual incomes of up to $150,000.
  • If your 2020 return has already been filed and you reported an excess advance Premium Tax Credit repayment.
  • If you have already filed your taxes, and want to change your payment date to May 17, you will need to take action to change it. However, the IRS does not recommend filing an amended The IRS states that to cancel payment, you can do so by contacting the U.S. Treasury Financial Agent at 1-888-353-4537. Payment cancellation requests need to be made by 11:59 p.m. ET two business days before the scheduled payment date. You must then reschedule the automatic payment or mail a check to the IRS.

The short answer about whether to file an rectify return in the cases above is, “ ordinal number ” The IRS is advising taxpayers that they can handle adjusting your rejoinder without you filing an rectify refund. even if you did not claim the unemployment income as non-taxable or the premium Tax Credit, the IRS is advising you not to file an amended return to correct these amounts. This could change, indeed watch for extra guidance as it becomes available.

A few facts about the Premium Tax Credit—does it apply to your taxes? As a admonisher, the agio tax credit rating refund may apply if you or person in your family received advance payments of the agio tax credit through the Health Insurance Marketplace. To claim it, you must complete Form 8962, Premium Tax Credit. This would be based on the data in Form 1095-A, your Health Insurance Marketplace Statement, which provides you with information about your health caution coverage. If you haven ’ metric ton filed already, beware that filing your reappearance without reconciling your promote payments will delay your refund. You must file an income tax return for this purpose even if you are not differently required to do therefore .
If you choose not to get progress recognition payments, you can claim the full come of the premium tax credit that you are allowed when you file your tax render. This will increase your refund or lower the come of tax you owe .
When should file an amended return? Excluding the cases above, there are times when filing an amend refund is necessary—especially if you have made a error. In general if you made a mathematics error on your revert the IRS may correct it when processing your original return. If you didn ’ deoxythymidine monophosphate include a ask form or agenda, the IRS will besides send you a notice via U.S. mail about the miss item.

You can file an amended render if you need to fix an error or if you forgot to claim a tax credit or deduction. You should use Form 1040X to amend a federal income tax return that you filed before. Make certain you check the box at the top of the form that shows which class you are amending .
If you file an amend recurrence for more than one class, use a discriminate 1040X for each tax year. Mail them in separate envelopes to the IRS. This class the IRS may let some taxpayers e-file an better reelect, unless this applies to you, you ’ ll need to file a paper version of Form 1040X and mail it to the IRS.

To claim a refund file Form 1040X no more than three years from the date you filed your original tax restitution. You can besides file it no more than two years from the date you paid the tax, if that date is late than the three-year principle .
here are some specific cases when the IRS indicates you may need to amend your federal tax come back :

  • If you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return.
  • If your changes have to do with other tax forms or schedules, make sure you attach them to Form 1040X when you file the form. If you don’t, this will cause a delay in processing.
  • If you are waiting for a refund from your original tax return, don’t file your amended return until after you receive the refund. You may cash the refund check from your original return. Amended returns take up to 16 weeks to process. You will receive any additional refund you are owed.
  • If you’re filing an amended tax return because you owe more tax, you should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.

If you can file your taxes and pay by May 17, it ’ randomness best to start now and complete your individual taxes. While this elongation is automatic, filing sooner rather than late, particularly if you are anticipating a refund is the best manner to expedite having that cash binding in your bank account—even before the extend May 17 deadline arrives .

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