"The hardest thing in the world to understand is the income tax" – Albert Einstein
There are only a few things that people find more confusing than income tax. Therefore, it is not surprising that every year approximately 3 million taxpayers file amended tax returns. If you've had to file an amended return, then you are familiar with the frustrations of having to mail in a paper return and then wait for the IRS to receive and process the return. Fortunately, the IRS announced starting late this summer you will be able to file amended returns electronically. The key points and benefits of electronically filing amended individual tax returns are as follows.
- Only 2019 amended individual tax returns will be eligible for electronic filing this summer. Previous year amended returns will still need to be filed via mail.
- The online IRS tool "Where is My Amended Tax Return?" will be able to track the status of both mailed in and electronically filed amended tax returns.
- Amended tax returns filed electronically can be processed faster, and the risk of errors from manual processing decreased.