Tuesday, May 12, 2015

" Did You Take Tax Return Amendment 101 Class ? "

List Suggestions about When a Tax Return should be Amended:
1.  Filing Status Errors
2. To Correct Income/ Deductions/Credits

You generally don't want to Amend Tax Return for the following:
a) Math & Missing Form Errors -  IRS will fix these for you.
b)  Health Insurance Market Place Form 1095-A Statement Errors.  IRS Might contact you for a copy of  Corrected Form 1095-A to verify the Information

Other Amendment Issues:
A)  Last date to Amend Return to Claim TY 2011 Refund was April 15, 2015.  If you have not claimed this Refund, now IRS owns it.
B)  Wait 16-20 weeks to Amend a Amended Return, since time to process the Amendment is around 16-20 weeks.
C) Amended Returns are Not Electronically Filed but are Paper Filed through US Mail System
D)  Submit Form 1040X to Amend Return along with updated schedules.
E)  Don't forget to include Form 1040X when CA Sate Return is amended.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 
Facebook : www.facebook.com/yma.taxpro
Twitter :     http://twitter.com/kash_yajnik
Linked In:  http://linkedin.com

No comments:

Post a Comment