If you’ve ever needed to amend your taxes, you know that the process takes place the old-fashioned way: by submitting your forms through the mail. But that will finally change later this summer when the IRS releases the electronic version of Form 1040X.
Digitizing the process has been on the IRS docket for some time, according to an announcement from the agency yesterday. The electronic form will allow the IRS to process amended returns more quickly and will prevent some of the errors that can end up on a paper form.
Once the electronic option becomes available, keep in mind you’ll only be able to submit amendments for 2019 forms 1040 and 1040-SR. For all other circumstances, you’ll need to revert to the paper option.
The electronic form will be available through tax software programs, so if you need to amend a recent return, you’ll want to head back to the platform through which you initially filed.
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About three million 1040X forms are filed each year, the IRS says. It’s often used to fix a mistake, but you can also file an amended return to tax advantage of tax credits that have been retroactively reinstated.
