How Long Does It Take to Get Amended Tax Return Back?
Many people are puzzled that how long does it take to get amended tax return back? Well! The answer is not easy but the experts are of the view that it might take 8 to 12 weeks on the trot. It is a two stage process where a new form 1040 is prepared along with 1040X. A person should complete all the details of the form along with accurate information since it will be compared with the data which is filled in the second form.
Recently, I filed my 1040X and I used TurboTax Online. I have to say amending tax return with TurboTax is really as easy as 1,2,3. I just logged in my account and click on “Amend Your Tax Return” for 2014 and it will guide you through the process. For me, my case was easy. My son was born on December 2014. Because he was born oversea so it takes a couple of months for him to receive his Social Security Card. When I filed my tax return, I still didn’t receive his Social Security Card so I had to file it without adding him as my dependent. We finally received his card and I updated the 1040X form immediately and I realized I can get about $1,500 dollars back because I am eligible for Child Tax Credit which is $1,000.
The other thing is it doesn’t matter your child is born in January or December, as long as your newborn is born last year, you can claim the full amount, not just a partial of the amount. Also make sure you sign the 1040X at the bottom and date it. If it’s joint return, your spouse have to sign and date it as well. You still need to print and mail the forms. You can’t e-file your tax return.
When To Get Your Amended Tax Refund Back?
After I am done with amending my tax return because I need to add my son as my dependent. I can see some estimated time frame for the tax refund. Below is a screen shot.
It tells you the estimated time frame is 8-20 weeks. If you choose to get your refund with direct deposit, it should be much faster and it guarantees the check won’t be lost in the mail. Always save a copy for yourself to reference in the future just in case.
The other thing is it’s possible that you have to amend your tax return and you actually don’t expect any refund. If that’s the case, you still have to do it and always keep IRS informed and do the right thing. If you have to pay them more, then just brace yourself and do it.
Accuracy is a very important task because if the details are fudgy, it will take more time to get the amended Tax return back. The IRS service center might require all the documents which will be attached to the form for submission. Official would verify and scrutinize the documents individually to ensure that the tax returns are filled in a proper manner.
After completing the first step, it’s time to fill in the second form 1040X. It is bestowed with the summary of the contents from 1040. Details of the original tax returns should also be filled in 1040X because it will help to evaluate the difference in the amendment. One of the most important parts of the form 1040X is C where it is important to explain the reasons behind the amended tax returns. The causes must be clearly explained because it might get rejected by the IRS. Therefore, one should take extra precaution while filling the form.
Number crunching plays a major role while evaluating the tax returns. Hence, a person should be vigilant in entering the correct figures because a slight mistake could lead to a delay in the return of the amended tax information. All the information such as salary and deductions should be double checked to ensure that data is authentic.
Whilst filling the form, one must remember to append the signature and the date. It will help the authorities to track the information. Sometimes, the form is too complex for the people therefore they might need the assistance of an accountant. It is also crucial to add the signature of the accountant so that IRS has detailed information. After submission of the form, people can track its status online by filling in the application number. Amended tax returns are filed in conditions when the status, dependents or total income are reported incorrectly. Mailing the amended tax return is necessary because it can be e-filled.