How Long Does An Amended Tax Return Take (And Why)?

Exact Answer: Up To 16 Weeks

An amended tax return is a tax return that one files to correct their original tax return information. For example, if one discovers that they made a mistake on their original tax return, one may need to file an amended tax return.

This could be because the taxpayer made a mistake on their original return or received new information that affects their taxes after they filed their original return.

If one claimed too many deductions on their original return or didn’t report all of the income, one may need to file an amended return. Similarly, if they were audited by the IRS and found that a person had underreported their income or claimed incorrect deductions, they would also need to file an amended return.

How Long Does An Amended Tax Return Take?

Amended tax returns can take a significant amount of time to process, depending on the complexity of the return and the IRS’s workload at the time. In general, however, a taxpayer can expect an amended return to take at least 16 weeks to be processed.

If one is filing an amended return because of a mistake on their original return, be sure to gather all of the relevant documentation before submitting the amended return. 

This will help ensure that the amendment is processed as quickly as possible. If one has any questions about filing an amended return or about what information to include, be sure to contact a tax professional for assistance.

One should file an amended tax return if any of the following situations apply:

1. Forgot to report income or deductions.
2. Reported income or deductions incorrectly.
3. The IRS changed the taxable income after one filed the original tax return.
4. Received a corrected W-2, 1099, or another form after filing on the original tax return.
5. After filing the original tax return, change the filing status, dependents, or exemptions.

It’s vital to note that a taxpayer cannot submit Form 1040X online; they must send in the corrected return by mail. The IRS claims it may take up to three weeks to enter the amended return into their system. Then they say it might take 16 weeks to process the update. However, the processing time is now more than 6 months because of the pandemic.

Why Would An Amended Tax Return Take So Long?

There are a few reasons why it might take a long time for the IRS to process an amended tax return. 

One possibility is that the IRS may need to contact the taxpayer or their representative for additional information. Another possibility is that the IRS may need to review prior tax returns to determine how the amendment affects the taxpayer’s overall tax liability. 

Finally, another reason it may take a long time for an amended return to be processed is the high volume of returns received by the IRS during tax season.

The best way to ensure that one’s amended return is processed as quickly as possible is by following the instructions carefully. Be sure to include all necessary forms and documents, and double-check one’s work before submitting it. If one has any questions, be sure to contact the IRS directly.

Filing an amended tax return can have several benefits, including:

1. Updating one’s income and deductions to reflect actual amounts
2. Claiming additional credits or deductions a taxpayer may be eligible for
3. Receiving a refund if one underpaid taxes due to incorrect information on the original return
4. Restoring one’s eligibility for certain tax breaks or credits that were reduced or eliminated due to errors on the original return.

Consult a tax professional to learn more about the specific benefits of filing an amended return for one’s situation.

Conclusion

Overall, when one files an amended tax return, one may recover money that was rightfully theirs but not claimed on the original return. An example would be that the IRS may have made a mistake, or a person may have neglected to report some income or deductions.

There are several reasons why one might want to file an amended tax return. 

Whatever the reason, it’s important to understand the benefits of filing an amended return. 

References

1. https://heinonline.org/HOL/LandingPage?handle=hein.journals/hulr23&div=24&id=&page= 
2. https://heinonline.org/HOL/LandingPage?handle=hein.journals/nebklr76&div=15&id=&page=