A:

Taxpayers use Form 1040X only when making a correction to a previous tax return. The taxpayer may have made an error or omitted information when he or she originally filed the return. The Form is not used to update personal information, such as a postal address or phone number.

Filing a 1040X does not mean that a taxpayer is in trouble. The form may be used to claim deductions or credits that were not claimed when a return was originally filed, and could result in less taxes being owed for the year.

When filing the 1040X, the IRS requires that you provide an explanation as to why the original filing is being adjusted. For example, the taxpayer may have received an additional W-2, or may need to change a filing status from single to married.

The Internal Revenue Service (IRS) allows taxpayers to file a Form 1040X if the taxpayer has already filed a Form 1040, 1040A, 1040EZ, 1040EZ-T, 1040NR or 1040NR-EZ. If corrections are being made to multiple tax forms filed over multiple years, a separate Form 1040X must be filed for each applicable year. The IRS estimates that the average taxpayer spends 9 hours filing a Form 1040X tax return.

RELATED FAQS
  1. Can filing taxes with Form 1040EZ cost me money?

    The 1040EZ Form is a simplified version of the main annual income tax return form, IRS form 1040. You can use it if you meet ... Read Full Answer >>
  2. What's the difference between IRS Forms 1040EZ and 1040A?

    Two of the forms used for filing individual federal income tax returns are IRS Form 1040A and IRS Form 1040EZ (the third ... Read Full Answer >>
  3. When should my tax refund arrive?

    More than 90% of income-tax refunds arrive in less than three weeks, according to the Internal Revenue Service (IRS). However, ... Read Full Answer >>
  4. How do I file taxes for income from foreign sources?

    If you are a U.S. citizen or resident alien, your income (except for amounts exempt under federal law), including that which ... Read Full Answer >>
  5. Are Flexible Spending Account (FSA) items tax deductible?

    Flexible Spending Accounts (FSAs) are employer-sponsored, tax-favored savings plans expressly for the future reimbursement ... Read Full Answer >>
  6. How Long Should I Keep My Tax Records?

    The Internal Revenue Service (IRS) has some hard and fast rules regarding how long taxpayers should keep their tax records. As ... Read Full Answer >>
Related Articles
  1. Taxes

    How To Get The Most Money Back On Your Tax Return

    These tips will help you get a larger refund this year, while teaching you how to pay less taxes going forward.
  2. Taxes

    Why People Don't Lie On Their Tax Returns

    Studies show people are overwhelmingly truthful when it comes to their tax filing, even when lying would benefit them.
  3. Taxes

    Filing Your First Tax Return

    Tax time can be intimidating - but knowing these tips can ease the process and get you a hefty return.
  4. Taxes

    Confused About Estimated Tax Deadlines for 2016?

    If you run a business or have investment income, pay attention to this year's estimated tax deadlines. Here are the details, and what's new for 2016.
  5. Retirement

    Retirement Plan Tax Prep Checklist

    Here's a list of items you need to have in order by tax time, including paying attention to those pesky required minimum distributions.
  6. Term

    How A Schedule K-1 Works

    Schedule K-1 is a U.S. tax document used to report income, losses and dividends.
  7. Taxes

    The Purpose Of The W-9 Form

    Businesses use IRS form W-9 to gather information from vendors they hire as independent contractors.
  8. Your Practice

    Tax Time is Coming; Don't Be Caught Off Guard

    It's time to think about tax returns again. The good news is that the regulations in 2016 have not changed dramatically from last year.
  9. Economics

    How Powerful Is The IRS?

    Historically, the IRS has wielded formidable power, and that power isn’t likely to diminish anytime soon.
  10. Investing Basics

    Understanding How Oil Companies Pay Taxes

    Read about how big oil corporations pay taxes, and learn about tax exemptions and the option to defer. Discover the argument about big oil being given tax exemptions
RELATED TERMS
  1. Individual Tax Return

    The type of tax return filed by an individual. Both single and ...
  2. 1040PC Form

    An income tax return that is prepared by computer in a three ...
  3. 1040 Form

    The standard Internal Revenue Service (IRS) form that individuals ...
  4. 1040EZ Form

    The 1040EZ is an alternative to the Internal Revenue Service's ...
  5. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  6. 1040A Form

    A simplified version of the 1040 form for individual income tax. ...
Trading Center