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Modified Tax Return Definition

The definition of “modified tax return” is a tax return that you make changes to after filing it with the IRS, more commonly referred to as an amended return. When you modify, or amend, a return on Form 1040X, it’s usually because you forgot to take a deduction or credit or failed to report all of the income you earned during the year. One thing to keep in mind is that the IRS will reject your amended return if it isn’t filed before the statute of limitations expires.

Why Modify Return

A common reason to file an amended return is to correct mistakes, such as omitting income that you thought was tax-exempt. You can also modify your tax return if you reported too much income and overpaid your taxes because of it. The IRS frequently receives 1040X forms because taxpayers forget to take a deduction, claim ones they aren’t eligible for, to use a more favorable filing status, claim tax credits and to report additional dependents. Regardless of your own reason for modifying a tax return, rest assured that the IRS always encourages you to file returns that are complete and accurate, even if that means filing a 1040X form to increase your refund.

Never Use Form 1040X for Math Errors

In the event you prepare a tax return on paper, you’ll need to perform all calculations by hand, which makes it more likely that your tax return will have some math errors than when you e-file. Provided that everything you report on the return is accurate, meaning each line is correct but you just add or subtract wrong, it isn’t a reason to file an amended tax return. The IRS catches most math errors and recalculates returns automatically. However, it can take the IRS a number of weeks to review your return and mail you a notice of any changes it made to your tax return. Therefore, you should just wait for the IRS to contact you. One situation when it’s advisable to recalculate your income tax on an amended return is if the error caused you to underpay your tax. If you were to wait for the IRS to make the changes, the agency may charge you a penalty for paying the tax late.

Amended Tax Return Time Limitations

You only have three years from the original filing deadline or the actual day you file, whichever is later, to amend or modify your tax return to claim an additional refund. However, the beginning of this three-year period may not always be so clear. When you file the original tax return on or before April 15, the clock begins to run on April 15. But if you file your taxes late, use your actual filing date instead. Remember, even if you file Form 4868 to obtain an automatic extension until October 15, you still use the day you file – not October 15.

Amending Returns on Form 1040X

When you prepare Form 1040X, it won’t take as long to complete as your original return. This is because you only update the amounts that you’re modifying. For example, when amending your return to reduce your mortgage interest deduction, it won’t affect the income you initially reported. It does, however, require you to modify the original Schedule A and re-file it with Form 1040X.

Reference: IRS Form 1040X