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1040x tax Form: What You Should Know
If you file Form 1040X with the original return filed on or right after April 17, 2008, you must send both forms electronically. If you file Form 1040X during the 2023 tax year, you must send only the original tax return. Amended tax returns — TurboT ax Tax Software Form 1040X was developed for certain taxpayers (generally single filers, married filers filing separate returns, and certain non-profit and governmental organizations) by the IRS to provide them a streamlined method of filing their taxes. The form applies to you if you have filed one or more previous tax returns. A new Form 1040X is filed to provide an automatic error correction, which means that the form tells you when tax due is due. The information on the form is generally the same as it was on your prior return. When using a form other than the 1040X, you and the IRS should use the rules noted below. Form 1040X and Form 1040: What's New for 2023 (Rev. September 2018) What Is Form 1040-X? — Investopedia Form 1040-X, Amended U.S. Individual Income Tax Return, is the new form for the 2023 tax year. Form 1040-X replaces the Form 1040 (Rev. July 2019) and Form 1040NR (Rev. September 2018), the forms generally required to file amended tax returns. Form 1040-X can also be used for filing corrected returns and claims for refund. What Does the IRS Do With Form 1040-X? (Rev. July 2019) — H&R Block The IRS will use Form 1040-X to automatically correct errors that reduce the amount of tax you owe for your tax return. If you file Form 1040X during the 2023 tax year or later, you must pay an additional 10% tax on any underpayment resulting from an error on the original return. What Does Form 4040 Do? — IRS Form 4040 is for your employer to submit your Form 1040 form to your federal tax agency to determine the pay you are entitled to. If you are entitled to a refund or credit for any tax period, Form 4040 will also confirm to your employer the amount of your tax that was not paid for your prior tax period.
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