Tax Do Overs: Opportunities to Correct Mistakes and Get Cash Back

Filing your income tax return may not be the end of the tax story for the year. You may revisit taxes for the year by means of an amended return. Due to various law changes resulting from the pandemic, there are several refund opportunities you may qualify for and obtain a tax refund if you file an amended return; the IRS doesn’t send such refunds automatically. These refund opportunities are in addition to the usual ones. Here are some issues to consider in filing an amended return.

Generally, you must file a refund claim within three years of the due date of the return or, if the return is filed after the original due date, then the actual filing date. However, other periods apply to special situations, such as refunds where no return was filed or for refunds related to bad debts or worthless securities. If you miss the deadline, you can’t obtain a refund under any circumstances even though you would have if you’d filed on time.

There are a variety of reasons to file an amended return to get money back. These include (but are not limited to):

– Net operating loss carryback.
– Qualified improvement property.
– Disaster losses.
– General business credits.

You may also file for a refund if you simply overlooked a deduction or tax credit to which you were entitled.

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