Will Form 8815 Amend 2023-2024

Hey Andy, let's talk quickly about amended tax returns. So here we are, a handful of days after April 18th, which was the tax return filing deadline for the 2021 tax year (April 18th, 2022). You got your tax return done and filed on time, on or before April 18th. And guess what? You just found out now that oops, something was wrong in your original return. 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. There are a lot of reasons why an amended return could be warranted, but let's assume a pretty common one. If you have an investment in some kind of partnership or something that generates what's called a K1, the K1 will report to you, as 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, the typical filing deadline. So let's assume you filed a return, got it done, and boom, here we are on April 25th, or whatever today is, and you get this K1. Oops, I now have additional income according to this K1 that I did not report on my original return. You have to amend that, otherwise the IRS will eventually find it and they will send you a letter saying, "Hey, you owe us more money," and potentially a delayed interest or penalty on that income you didn't report. It's a fairly straightforward process, at least at the federal level. States, if they have income tax, have their own amended return process. But today, I'll specifically discuss the federal return, which is Form 1040-X,...