amend the tax return
what it means to amend the tax return, which means if you have any mistake in the filed tax return and which is also accepted by the Internal Revenue Service. then you can correct that mistake by using the 1040X tax forms. so it is called an amend the tax return. most people have more doubt about it. so let’s take one look deeply with examples and clear definitions. that’s where you find a strong understanding of amending the tax return.
amend the tax return; clear definition
when someone was a new taxpayer. and don’t know how to file the tax. then your tax adviser who helps you file the tax the first time. (or) you have a lot of experience in filing your taxes.
occasionally let’s say you wrote wrongly in your tax form. and which that tax form is submitted and accepted by the Internal Revenue Service. but now you want to change something about your income. if you ask what can i do to change and correct that mistake.
you have to fill out the 1040X tax form, which helps you collect all the information that you want to change on your income and claims. and also you need to mention the reason for change that particular things.
furthermore, you cannot submit (or) do this electronically through online tax websites, such as turbo tax, HR block, etc…. you can only able to fill out this form and send it to the Internal Revenue Service centers. (or) you can send these amended forms through the mail.
which this process was taken up to more than sixteen weeks. so you have to wait until 16 weeks. some people misuse the amended form. which they didn’t have the required information and their income.
so sometimes this was found by the Internal Revenue Service. were your filling will be considered as a fraud. then which leads to a high level of penalty. additionally, let’s take one clear example to make more understanding of this.
amend the tax return; for example
let’s say you are single and you have an income of 50,000 dollars per year. and you have a standard deduction of 8,000 dollars. so at the; end of the tax year you paid the tax for your forty and two thousand dollars. which this tax was paid at the 23 % bracket rate.
if you calculate the tax amount; twenty-three percent multiplied by the forty and two thousand dollars of the remaining income. then, you will end with 9,660 dollars. this is the amount that you tax to your government.
let’s change your situation
you got married at the end of the tax period. and you have to file the tax as a single. this is accepted by the Internal Revenue Service. now you want to change your previous; single tax return as a married filled jointly.
then you have to use the 1040X forms to mention all the things; that happen after your tax filing status. you cannot fraud anything through these forms. because the Internal Revenue Service takes this seriously.
when you file the tax as married, then your income tax gets reduced. the standard deduction gets doubled. and also you can claim the deduction for your spouse.
changes in taxable income.
the standard deduction for you is 8000 dollars; when you are single. now you are married then double it. sixteen thousand dollars is a standard deduction. moreover, you also have; one dependent. which is your spouse.
then you can deduct the 4,500 dollars from your income. if you add these deductions and subtract them from your total income. then your remaining income will be the taxable income.
so now I think you may understand clearly. what it means to amend the tax return. if you have any more doubts about it, then don’t hesitate, feel free to contact us