Knowing how to amend a tax return is an essential skill tax pros need for those situations where they must rectify mistakes, claim missed deductions, report additional income or adjust filing status. This ensures not only accuracy and compliance but also a sense of trust and satisfaction with your clients. They want to know you’re knowledgeable enough to get them the best outcome this tax season.
Below, you’ll find a few of the top questions from a recent webinar on the topic and their accompanying answers. If you choose to attend the on-demand version of this webinar, you can access the full recording and the entire list of Q&As.
Q: If the original return was filed electronically, can the superseded return also be filed electronically and not be rejected?
A: Since June 2022, the IRS has been accepting superseding returns for the Form 1040 series electronically.
Q: Can a balance due be paid with e-filed Form 1040-X, Amended U.S. Individual Income Tax Return?
A: Yes, if the Form 1040-X shows additional taxes owed, you can pay the tax due with the return.
Q: If you e-file an amended return, will it still normally take 20 weeks? If a paper amended return is filed, will it take many weeks more?
A: It’s roughly 20 weeks for both electronically filed amended returns and paper returns. Either one must be manually reviewed by IRS staff.
Q: If you file an amended tax return and subsequently find additional corrections, do you file a new amended tax return based on the first amended tax return?
A: You would use the information provided on the first amended return as the basis for filing the second amended return.
To learn more about filing amended returns for your clients, you can watch our on-demand webinar. NATP members can attend for free, depending on membership level! If you’re not an NATP member and want to learn more, join our completely free 30-day trial at natptax.com/explore.
About National Association of Tax ProfessionalsThe National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. NATP is comprised of over 23,000 leading tax professionals who believe in a superior standard of ethics and exemplify professional excellence. Members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The organization welcomes all tax professionals in their quest to continually meet the needs of the public, no matter where they are in their careers.
The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Information included in this article is accurate as of the publish date. This post is not reflective of tax law changes or IRS guidance that may have occurred after the date of publishing. All taxpayer circumstances are different, and NATP recommends contacting research services if you have specific questions about your clients’ tax situations.