- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
@lkesten wrote:
- The IRS can audit returns up to 7 years back
The typical applicable federal tax statute of limitations is three years after the due date for the return or the date on which the return is filed, whichever is later, with respect to audits.
The IRS audit window expands to six years but only if there is a “substantial understatement of income", which entails omitting 25% or more of your gross income or a basis overstatement that would have the same effect (seven years if you claim a loss from worthless securities or take a bad debt deduction).
Also, if you need to file an amended return for a tax year that was four years ago (or earlier), it's because you screwed up, not the tax software, and it's time for a tax professional at that point. The IRS may send you a bill but will rarely, if ever, require you to file an amended return that many tax years ago.