Claim a Tax Refund
The time period, called the Refund Statute Expiration Date (RSED), that the IRS allows taxpayers to claim a credit or federal income tax refund for a specific tax year is generally the later of these two dates:
➜ 3 years from the date you filed your federal income tax return, or
➜ 2 years from the date you paid the tax.
If you believe you may be entitled to a past tax refund, it’s important to act promptly. Claiming a tax refund from past filings can be a beneficial step for individuals and businesses who may have overpaid their taxes. Here’s how to proceed with the process:
Determine Eligibility: Review past filed tax returns to identify any discrepancies or potential overpayments. Common scenarios include unclaimed deductions, credits, or errors in reported income.
Gather Documentation: Collect necessary documents such as W-2s, 1099s, and any supporting evidence for deductions or credits you believe were incorrectly applied or omitted.
Amend Your Tax Return: To claim a refund for previous tax years, you will need to file an Amended U.S. Income Tax Return. This form must be completed for each year you wish to amend and must include the changes and the reasons for these changes.
Submit the Amended Return: After completing the Amended Return, submit it to the IRS. Note that some states may require similar amendments for state tax returns. Be sure to check the state tax authority’s guidelines.
sticky_note_2 Please note: If filing an amended return, send it to the IRS Service Center where you filed your original return. You can file Form 1040-X electronically with tax return filing software to amend Forms 1040, 1040-SR, 1040-NR, or 1040-SS for the current or 2 prior tax years and up to 3 amended returns per tax year.
Monitor the Status: The IRS typically takes 8 to 12 weeks to process an amended return. You can check the status of your amended return on the IRS website.
Consider the Time Limits: Be aware of the time limits for filing an amended return. Generally, you must file claims for tax refunds within three years from the original filing date or within two years from the date the tax was paid, whichever is later.
Consult a Tax Professional: If you are unsure about the process or the potential implications of amending your return, consulting with a tax professional can provide clarity and guidance.
By taking these steps, you may successfully claim a tax refund from previously filed returns, which can provide essential relief or additional funds for your financial situation.
menu_book Original Source: Time you can claim a credit or refund