Form 1040-X
Amended U.S. Individual Income Tax Return
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Overview
Form 1040X is given to taxpayers who need to correct their tax returns for some reason by the Internal Revenue Service. 1040X form is mandatory to submit for the amended U.S. Individual Income Tax Return. It includes changes to the number of dependents, filing status or corrections in income credits or deductions. If you want to submit a 1040X form, you may also need to amend your state tax return. If you are looking for a professional service to submit 1040X form, then you have come to the right place.
Structure Of Form 1120
Information Required From The Client
You have to file form 1040-X if you already have filed a tax return and want to do the following changes
Basic Information
- Correct Forms 1040-A, 1040-EZ, 1040-NR, 1040-NR E.Z.
- Make elections after the given deadline
- Change the refund amount previously adjusted by the IRS
- Claim for a carryback due to unused credit or loss
You can file two or more amendments, but you should use a different form for each Tax Year and mail each one in a separate envelope. The tax year has to be mentioned on the top of each form 1040X.
Due Date Of Filing
2021 is the deadline for 2016 tax year returns of an increased tax refund based on an amendment tax on April 15, 2020. You cannot claim tax refunds via a tax amendment for previous years.
If you owe taxes after your tax amendment, you should make your tax payment as early as possible to avoid penalties. If you owe taxes, you can file an amended U.S. Individual Income Tax Return even if three years have passed.
For your current year tax return, you should wait till you receive your refund before you file Amended U.S. Individual Income Tax Return. It may take up to 16 weeks for the IRS to process amended returns. A tax amendment should be filed within three years of the original tax return if you want to claim a tax refund. This includes extensions. You can also apply within two years of paying the tax, whichever is later. If you do not use it within three years, you cannot claim a refund. The money will go to the government.
Our Process
At Meru Accounting, we make the Form 1041 return procedure smooth and hassle-free.
The client needs to send us the required documents. We will send a checklist and a standard format of the essential documents to our clients. Meru Accounting operates in the following modes:
Step 02. Processing Documents
Preparation for Tax Return
The relevant information from the documents will be taken into a software of the client's choice by our tax professionals. The scanned copies of the original documents along with the transactions will be saved into the software in order to make them easily accessible. All the copies of the documents would be verified with the source documents.
Auditing of Tax Returns
Our experts will then verify if all the required information has been correctly entered. The Tax expert will then prepare the Tax return report based upon bookkeeping done for the given period and the information received.
Step 03. Final Preparations
Review of Returns
A draft copy of the tax return with the calculated Tax Refunds/ Liability will be sent to the client for review. The draft will include some questions or comments from the Tax expert. The client can request for multiple modifications if needed.
Submission of the Final Copy of the Tax Return to the client
After reviewing the tax returns, the final copy for the income tax return will be sent before the due date. The clients just need to sign and send the Tax return file to the Internal Revenue Service via some designated UPSC courier services like DHL Express, UPS and FedEx. We will take care of all the communications part with the Internal Revenue Service if any query arises.
Why Meru Accounting?
- The qualified team- All our accountants are highly qualified and well-trained and work under the supervision of CPA.
- Reasonable Charge- We charge the only US $15 per hour tax return service.
- Technology-driven- We have experience in various add on in Cloud Environment and along with accounting software.
- Standardised process- We have a decent Project management system that helps to communicate with our clients effectively.
- Real and Error-Free Work- We follow standard Procedures and checklist to provide error-free work.
- Quick Response- We assure timely response and generally reply to every email in a day or within 24 hours.
Experience in Use of Accounting Software:
- Thomas Reuters
- Gosystem Tax Solution
- ProSeries Tax S Lacerte
- Ultra tax solution and many more.
We have expertise in preparing a Tax return for Federal and State Governments. We bring on table Customized solution for our Clients.
FAQs
Currently, the IRS does not allow tax amendments to be e-Filed. You need to mail your amended return to the IRS.
If there is a simple calculation mistake in your previous tax return, then you don’t need to file. The IRS generally corrects the errors while they process your original return. If the IRS wants additional information, they usually send you a mail.
If it has been more than 12 weeks, you can find information about your refund by calling the IRS customer support. However, it takes the IRS 16 weeks to process a return, so you should wait 12 weeks before checking on the status.
Step 01. Document Requisition
Remote Login
Our clients can scan and upload the required documents on their server or e-fax the documents to us. Our expert team will log in to our clients' system using any secure virtual technology like Netsonic, VPN/RDP/TeamViewer and complete the procedure on their behalf.
Using Cloud based Software
The clients can upload the scan copies of the required documents on a secure FTP server or send them by e-fax messenger, Google drive or Dropbox. The client also needs to provide their login details for the online software via our secure mailing system. Our team will then sign in and complete the following procedure. The data will be saved on cloud.