IRS Acknowledges Validity of Amended Tax Returns
A common question that we receive is whether filing an amended tax return will raise the ire of the IRS. The Agency has indicated that it will not and recently sent out a tax tip to taxpayers in its April 9, 2004 newsletter acknowledging as much [Issue: AT–2004–72].
IRS Tax Tip: Consider Filing Amended Returns
The IRS recently alerted taxpayers to the validity of filing amended tax returns to obtain additional deductions and refunds. The relevant sections of the newsletter read as follows:
Oops! You've discovered an error after you tax return has been filed. What should you do? You may need to amend your return.
The IRS usually corrects math errors or requests missing forms or schedules if necessary. In these instances, you do not need to file an amended return. However, do file an amended return if any of the following were reported incorrectly:
- Your filing status
- Your total income
- Your deductions or credits
If you are filing to claim an additional refund, wait until you have received your original refund. You may cash that check while waiting for the additional refund.
Generally, to claim a refund, you must file within three years from the date you filed your original return or within two years from the date you paid the tax.
As you can see, filing an amended tax return to claim additional deductions and refunds is accepted practice.