Tax Law and News Taxpayers can now file amended returns electronically Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Oct 30, 2020 1 min read As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be paper filed. Now, you can help your clients quickly send in electronically correct previously filed tax returns, while minimizing errors. Making the 1040-X an electronically filed form has been a goal for the tax software and tax profession for years. It’s been a continuing recommendation from the IRS Advisory Council and Electronic Tax Administration Advisory Committee Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster, while minimizing errors normally associated with manually completing the form. Since tax-filing software allows users to input their data in a question and answer format, it simplifies the process for them. It also makes it easier for IRS employees to answer taxpayer questions, since the data is entered electronically and submitted to the agency almost simultaneously. For the initial phase, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically. Additional improvements are planned for the future. About 3 million Forms 1040-X are filed by taxpayers each year. Taxpayers still have the option to submit a paper version of the Form 1040-X, and should follow the instructions for preparing and submitting the paper form. Those filing their Form 1040-X electronically and on paper can use the Where’s My Amended Return? online tool to check the status of their amended return. Previous Post One more shot at a lower medical expense deduction floor Next Post Due Feb. 1, 2021: Form 1099-NEC for tax year 2020 Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team 2 responses to “Taxpayers can now file amended returns electronically” Need Tax software for my tax preparation business LLC Hi JF Ewald, Thank you for your interest! Please visit our website for resources on how to get started with Intuit Accountants: https://proconnect.intuit.com/start-your-professional-tax-practice/#whats-next. You can also contact our Sales department at 833-211-0967 for more information about our tax preparation software and they would be happy to help you. Thank you! Browse Related Articles Practice Management Partnering to power prosperity Workflow tools Why we talk so much about QuickBooks® Online Tax Law and News Tax relief for victims of Hurricane Milton Advisory Services How tax pros work with controllers vs CFOs Advisory Services Helping clients with healthcare planning Practice Management Reshaping accounting: Millennials and Gen Zs Workflow tools 3 guides to moving your clients to QuickBooks® Online Practice Management Intuit introduces Intuit® Enterprise Suite Advisory Services 7 Intuit® Tax Advisor updates Advisory Services Debunking 3 common myths about reasonable comp
Hi JF Ewald, Thank you for your interest! Please visit our website for resources on how to get started with Intuit Accountants: https://proconnect.intuit.com/start-your-professional-tax-practice/#whats-next. You can also contact our Sales department at 833-211-0967 for more information about our tax preparation software and they would be happy to help you. Thank you!