What is the Minimum Amount for Filing an Amended Tax Return?

by Forest Time
Amending a tax return could increase your refund.

Once a tax return has been filed, it's not necessarily the end of the story. If you realize that your tax return was inaccurate, you may file an amended tax return using Form 1040X. This allows you to do things such as claim further deductions, report additional income, change certain filing statuses and even choose to itemize deductions instead of taking the standard deduction.

No Minimum Value

In fact, there is no minimum value on the difference between an original and amended tex return; you could amend a tax return on the basis of a one-cent difference or no difference. Of course, you don't need to amend your tax return if you realize you should end up with a bigger refund. In fact, according to Forbes, filing an amended return is not mandatory even if it turns out you should owe the IRS a bigger chunk of your income. However, it's still a good idea to amend if you underpaid the IRS.

Time Limit

While there is no value limit when it comes to amending your taxes, there are time constraints. Outside of a few specialized cases, would-be tax amenders should file their new returns within three years of the date that they filed the original return, or within two years of the date they paid off the taxes owed on the original return.

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