For the first time, the Internal Revenue Service is offering an electronic filing option for taxpayers seeking to amend their returns with Form 1040-X. In the following article, Optima Tax Relief reviews the new electronic option of the form that is filed approximately three million times annually.
The Internal Revenue Service (IRS) recently announced that an electronic version of Form 1040-X will be available sometime in the summer, possibly before the 2019 tax year filing deadline of July 15th. The IRS has endeavored to provide the option in electronic form for numerous years, and it has been one of the most highly requested services by tax professionals. The 1040-X form is a tax return amendment request that has previously only been accepted by mail.
The mail-in version of the 1040-X will be the requisite version until the electronic version has been officially unveiled. The goal of the e-file version is to make the amendment process faster while reducing the typical volume of mistakes related to the manual completion of the amendment form.
According to Chuck Retting, the IRS Commissioner: “This new process is a major milestone for the IRS, and it follows hard work by people across the agency. 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.” Offering an e-file version of Form 1040-X has long been a recommendation of the Internal Revenue Service Advisory Council as well as the Electronic Tax Administration Advisory Committee.
One of the many benefits of the electronic version of Form 1040-X is its ability to give the IRS an improved method for collecting important data. By amassing information in an organized and easy-to-read format, customer service representatives will be better equipped to respond to queries quickly and effectively. Moreover, taxpayers will still have the option of using the Where’s My Amended Return feature to check e-filed 1040-X forms.
The electronic 1040-X form will only be available for returns filed for tax years 2018 and 2019 once the feature is launched.