How to file revised income tax returns online

The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible. The law provides this additional time to help the IRS stop fraudulent refunds from being issued.

Some returns, filed electronically or on paper, may need manual review, which delays the processing, if our systems detect a possible error or missing information, or there is suspected identity theft or fraud. Some of these situations require us to correspond with taxpayers, but some do not. This work does require special handling by an IRS employee so, in these instances, it may take the IRS more than the normal 21 days to issue any related refund.

In those cases where IRS is able to correct the return without corresponding, the IRS will send an explanation to the taxpayer. To speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund.

Having all information available when preparing the tax return can reduce errors and avoid delays in processing. Most individual taxpayers file IRS Form or Form SR once they receive Forms W-2 and other earnings information from their employers, issuers like state agencies and payers. The IRS has incorporated recent changes to the tax laws into the forms and instructions and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns.

IRS Free File will open January 14 when participating providers will accept completed returns and hold them until they can be filed electronically with the IRS. Many commercial tax preparation software companies and tax professionals will also be accepting and preparing tax returns before January 24 to submit the returns when the IRS systems open. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds — as well having all the information they need to file an accurate return to avoid delays.

More information will be available on Free File later this week. The letter contains important information that can help ensure the return is accurate. Eligible taxpayers who received advance Child Tax Credit payments should file a tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return. While most eligible people already received their stimulus payments, this letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit for missing stimulus payments.

If so, they must file a tax return to claim their remaining stimulus amount. Both letters include important information that can help people file an accurate tax return.

If the return includes errors or is incomplete, it may require further review while the IRS corrects the error, which may slow the tax refund. Using this information when preparing a tax return electronically can reduce errors and avoid delays in processing.

The fastest way for eligible individuals to get their tax refund that will include their allowable Child Tax Credit and Recovery Rebate Credit is by filing electronically and choosing direct deposit. Check IRS. Even if the original return is filed after the due date, a taxpayer is not required to pay the late penalty every time he or she revises the same return.

The process of filing a revised return is similar to that of filing an original return. However, you have to keep two things in mind. Also, remember that a revised return must be filed in the same mode as the original was. So, if you filed the original return in paper format or manually, the same can be revised only manually. Similarly, if the original return was filed online, it can be revised only in the online mode or electronically. There is no limit to the number of times a tax return can be revised; it can be revised any number of times provided it fulfils the timeframe criteria.

Once a return is revised, all the previous tax returns filed turn null and void. Ideally, you should take utmost care while filing a tax return. If you need assistance, take the help of a tax expert or a chartered accountant. Moreover, should you discover a mistake in your tax return, file a revised return without further delay.

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