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Video instructions and help with filling out and completing Will Form 8815 Amend

Instructions and Help about Will Form 8815 Amend

Hey andy let's talk quickly about amended tax returns so here we are a handful of days after april 18th which for uh the 2022 tax year april 18th 2022 was the tax return filing deadline so you got your tax return done filed on time you know on or before april 18th and guess what you just found out now that oops something was wrong in your original return uh and you know maybe you just found out now a handful of days after april 18th what do you do well don't sweat it you can file an amended tax return so there's a lot of reasons an amended return could uh could be warranted but for example let's assume you already you know a pretty common one is if you have a investment of some sort in some kind of partnership or something that generates what's called a k1 k1 will report to you the investment or partnership owner your share of the income and losses from that investment for the year now k1s are notorious for coming out quite late in the tax season sometimes even after april 15th you know the typical filing deadline so let's assume you filed a return got it done and boom here we are april 25th whatever today is uh and you get this k-1 oops i now have additional income according to this k-1 that i did not report on my original return you have to amend that otherwise the irs will uh eventually find it and they will send you a letter saying hey you owe us more money and potentially uh a you know delayed interest or penalty um on on that uh income you didn't report so it's a fairly straightforward process at least the federal level states um they all have their own at least states that do have income tax do have their own amended return process similar to what i'm going to discuss now today specifically just about the federal return which is form 1040-x where x stands for amendment uh you can see a little uh here we are a little picture right here and there's a link in the video to uh the instructions to the irs form 1040x so definitely give that a read that'll help substantially in talking through what you need to do and the process for filing them into return but in a nutshell it's fairly easy the 1040x for the most part three columns it'll say what your original return reported for all the major items of income and deductions and credits and and such there will be a middle column that says what are the changes you're making from your original return and the right most commonly what's what's the adjusted you know what's the amended uh figures for all these columns that's functional it now there's more to the form you'll have to obviously put your name on it your socials um dependents ...

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