Later this summer taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically for the first time using available tax software products, the Internal Revenue Service (IRS) announced yesterday.
Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The IRS believes the new electronic option will allow the agency to receive amended returns faster while minimizing errors normally associated with manually completing the form.
According to the IRS, About 3 million Forms 1040-X are filed by taxpayers each year. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years.
“This new process is a major milestone for the IRS, and it follows hard work by people across the agency,” said IRS Commissioner Chuck Rettig. “E-filing has been one of the great success stories of the IRS, and more than 90 percent of taxpayers use it routinely. But the big hurdle that’s been remaining for years is to convert amended returns into this electronic process. Our teams have worked diligently to overcome the unique challenges related to the 1040-X, and we look forward to offering this new service this summer.”
IRS Commissioner Chuck Rettig, this cutoff is for real.
“The IRS is deeply involved in processing and programming that overlaps filing seasons,” he said. “Any further extension beyond November would adversely impact our work on the 2020 and 2021 filing seasons.”