Deadline for amending past year federal tax returns
What is the deadline for amending past year federal tax returns?
I overlooked some deductions in previous year tax returns and will need to amend these returns.
How many years back can I go to amend prior year tax returns?
I overlooked some deductions in previous year tax returns and will need to amend these returns.
How many years back can I go to amend prior year tax returns?
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First, you have three (3) years from the date you filed your tax return to amend it OR three (3) years from the due date, whichever is later. For example:
1. Your 2017 tax return is due April 15, 2018.
2. You file your return on March 1, 2018.
3. Your return can be amended through April 15, 2021.
Second Example:
1. Your 2017 tax return is due April 15, 2018.
2. You request an Automatic Extension of Time to File which extended the due date to October 15, 2018.
3. You file your return on August 1, 2018.
3. Your return can be amended through October 15, 2021.
Third example:
1. Your 2017 tax return is due April 15, 2018.
2. You request an Automatic Extension of Time to File which extended the due date to October 15, 2018.
3. You file your return on December 31, 2018.
3. Your return can be amended through December 31, 2021.
Remember - all these variations in dates extends the time the IRS can audit your return as well. Although the Service rarely audits a tax return more than two years after the due date. They can and do request an extension of time of the statute of limitations if the audit is just starting or ongoing and Statute of Limitations will run out in less than one (1) year. By mutual agreement, the Statute of Limitations can be extended in one (1) year increments. This extends the time for you to amend your return as well.
WARNING: If you do not file a tax return and the IRS creates a return for you (often called a composite return) you only have two years from the date the IRS created the composite return to amend and correct the return.
I often get these questions from someone who owes the IRS and confuses amending with collection. Filing and Amending have little to do with Collection. The IRS is a giant organization divided into two groups: Audit and Collection. They actually have little to do with each other. In the examples above, the IRS has three (3) years to audit the and assess any additional taxes. Under certain fraud statutes, that limitation can be stretched to six (6) years if you omitted more than 25% of your income. Finally, once any additional tax is assessed, they can file a lien which is good for ten (10) years. Under certain circumstances, they can extend the lien by re-filing, but very, very rarely ever do.