No, you will not be penalized. The IRS receives millions of amended tax returns for multiple years. This will be considered in stride for the IRS.
To amend a return
Some quick ground rules:
- Be sure the original return was filed and accepted.
- Save the original return before you start the amendment.
- Change the name of the amended return.
- DO NOT go back into the return or change anything before you start the amendment process.
- Gather everything you need before you start.
- Complete the entire amendment process before you log out.
- Starting with 2020 tax returns you can E-File a 1040-X amended tax return. All prior years must be printed and mailed.
You can correct a return that you've already filed and had accepted. Select the year that applies and use this guide to proceed.
Select your tax year for amending instructions:
For additional information please refer to How to Amend
The 1040X (Amended Return) tax form is scheduled to be available 03/25/2021.
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