GringoPost | Ecuador: 1040X information for US taxpayers

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1040X information for US taxpayers

What should you do if you made a mistake on federal return that you've already filed?
It depends on the type of mistake you made:
• Many mathematical errors are caught during the processing of the tax return and corrected by the IRS, so you may not need to correct these mistakes.
• If you didn't claim the correct filing status or you need to change your income, deductions, or credits, you should file an amended or corrected return using 1040X. Note that you receive inquiring letter from the IRS generally if you omitted significant amount of income on Form 1040 you’ve already filed. Example: SSA pension, 1099R, or W2 income.
• To avoid delays, file Form 1040X only after you've filed your original return. Generally, for a credit or refund, you must file Form 1040X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later.
Allow the IRS up to 16 weeks to process the amended return. Note that e-filing is not available for 1040X. That is, you have to mail hard copy of amended return to a designated IRS office address.

Puertas del Sol Section. ASAP

Kay Forgione, tax accountant: 098 384 1776 and 310 742 4724