File a Superseded Return if the Filing Deadline Hasn’t Passed
September 05, 2020
So, what if you just filed a tax return and then discovered a mistake the very next day? If the filing deadline, including extensions, hasn't passed, then you don’t want to file an amended return. Instead, you can file what's called a "superseded return." Basically, if you file a second return before the filing deadline, the second return "supersedes" the first return and is treated as the original return.
A superseded return must be filed on a paper Form 1040 – e-filing is not allowed. At Cambaliza McGee LLP, we also recommend writing "Superseded Return" at the top of the form.
Since 2019 tax returns aren't due until July 15, 2020 (or October 15th if extended), there's still time to file a superseded return this year. Say, for example, you filed a 2019 return back in February and, instead of getting a refund, elected to apply your overpayment against your 2020 tax liability. But then you lost your job in April because of the coronavirus pandemic and now wish you were getting a refund. If you file a superseded return before July 15th, you can get the refund this year. It might take a while before the IRS is able to process your superseded return, but it is worthwhile.
Let the IRS Correct Certain Errors
You also don't need to file an amended return if you discover a simple math or clerical error on your return. The IRS can correct those types of mistakes on its own. An amended return isn't necessary if you forgot to attach a certain form or schedule to your return, either. The IRS will contact you by mail if they need additional information to fix these types of errors. However, you should file an amended return if there's an issue that changes your filing status, income, deductions, or credits.
Whatever your unique tax situation may be, somewhat basic or the most complex, we highly recommend you get the advice of a professional CPA to save you potential mistakes, unnecessary tax liabilities, and headaches. Connect with us and let’s explore how we can help. Call us at 949-484-8288 or email us at contact@cpa-ltc.com, and one of our team members will respond right away.
Author: CM Editorial