Understanding IRS 1040x and 1040x Form

Tax time is stressful for most people. You need to gather all your receipts from the year, make sure you have your bank statements, and any other necessary documents. This alone can be a daunting task if you have not kept proper records during the year. Sometimes people do make mistakes when filling out their tax returns. It is very easy to miss a line, or make a mistake in adding or subtracting. When this happens, you need to fill out and file an amended return. Here are some tips to help you understand IRS 1040x and 1040x form.

There are two steps involved in filling out IRS 1040x and 1040x form. The first part of the process is to gather all of your previously used documents. You will also need to pick up the 1040 long form. You may have filed a different tax form the first time around, but in order to amend that return you must use the long form this time. You will also need the necessary 1040 schedules depending on your situation.

Amended tax returns have a better chance of being audited by the IRS. This is why it is very important to make sure you fill out the 1040x and 1040x form properly. Make sure you have the first tax return among the other documents you need. You should also have any W-2s from earned income in front of you. Take the time to check and recheck your math. This is very important. The figures that are entered on the new 1040 long form must match exactly the figures you enter on the 1040x form.

The 1040x form is used to summarize all of the information that you have entered on the 1040 long form. This is why it is extremely important that all the figures match, line for line, on both forms. The most important part of IRS 1040x and 1040x form is Part C. You will use this section of the form to explain to the IRS why you are filing an amended tax return. You should keep your explanations clear and concise. Do not use long, rambling sentences, they will not thank-you for it. Also, do not forget to write the year you are amending on the top of Part B. The 1040x form can be used for any year, so this step is an important one.

Before filing your 1040x and 1040x form be sure to check it twice. It cannot be stated enough that you need to check your entire math thoroughly. You do not want to make a mistake on the amended tax return or you are sure to be audited by the IRS. A tax audit is not something that anyone wants.

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