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How Does Amended Return Work?

An amended return is a way to correct mistakes or make changes to a tax return that's been filed. It's a separate form (typically IRS Form 1040X) that you submit to the tax authorities to update your original return.

Reasons for Filing an Amended Return:

  • Errors or Omissions: You may need to file an amended return if you discover errors in the original return, such as incorrect income, deductions, credits, or filing status.
  • Missed Deductions or Credits: If you realize they missed out on claiming a deduction or credit that you were eligible for, an amended return can help you rectify this.
  • Changes in Tax Laws: Occasionally, tax laws change after the filing deadline. If these changes affect your tax liability, an amended return might be necessary.

How It Works with Taxx Savage:

  1. Identify the Changes: Review your original return and determine what needs to be corrected or updated.
  2. Prepare Form 1040X: Complete the 1040X, highlighting the specific changes you're making.(make sure that return was created in this software before you begin).
  3. Submit the Amended Return: Prepare for the review team to complete a cursory review of the return. You may need to include supporting documentation depending on the nature of the changes.
  4. Pay the Fee: Taxx Savage charges a fee for preparing and filing an amended return. A payment link will be provided on the Client Hub upon completing the necessary form.