Can you review and amend my past tax returns, and how far back can you go?
Short answer
Yes, we review past returns and amend them when the savings are worth it. You can generally amend to claim a refund within three years of filing the original return, or within two years of paying the tax, whichever is later.
Otavio Mayole, Co-founder, DeCypher FinancialsUpdated
Every new client gets their last return reviewed. When we find something, we decide together whether amending makes sense.
When it usually does:
- Large missed write-offs, like a home office or equipment
- Income reported wrong, especially income that was left off, which is better fixed before the IRS finds it
- An S-Corp, payroll or business structure that was set up wrong
When it usually doesn't: when the difference is small and the cost of amending would eat most of it. Sometimes the better move is getting it right going forward.
What to expect:
- Amendments are filed on Form 1040-X, plus a state amendment where needed.
- The IRS can take months to process them.
- Amendments are priced separately from your plan, and we quote them before we start.
Not sure your old returns were right? Send them in, and we'll go through them on your second call.