Following is a brief rundown on how to go about filing past year tax returns.

Obtain Appropriate Form

The process of filing past year tax returns requires you to fill out and submit specific forms. You can visit the official website of the IRS (Internal Revenue Service). You can download the necessary forms free of cost from their website; look into the “IRS Resources” category and then click on “Forms and Publications”. Alternatively, you can also give them a call at 1-800-Tax-Form and request them to send the packet of the necessary forms (past year 1040 form) along with an instruction booklet.

Gather Important Documents

Once you get the forms for filing past year tax returns, the next thing you have to do is to gather important documents that are relevant to past year’s income and taxes. These documents may include, but are obviously not limited to, self-employment income records, credit and deduction records, alimony records, itemization records, all 1099 forms, W-2G (gambling winnings form), and other such things. Married couples that are filing their tax returns jointly will need documents related to information regarding both the spouses. Depending upon your specific situation, you may also need several additional forms for deductions and credits, such as Form 2241 for dependent expenses, Form 8863 for education credits, Form 8812 for additional child tax credits, and Schedule EIC.

Double Check The Information You Are Providing In The Form

While you are filing past year tax returns, you must fill out the correct information in the correct spaces. If you are not sure about what information you have to provide in a particular space, you must refer to the instruction booklet. A safe way is to fill out the form on your computer and once you complete it, just get it printed on paper. The information you are providing in the form must be accurate and complete in all respects. Though the form is very much similar to current year’s 1040 form, you must be very careful while following any additional instructions. Always remember, you have the right to reduce the amount of taxes you owe by utilizing all possible exemptions that you are entitled to. If you forget to mention a specific tax deduction and realize it only after you have already submitted the form to the IRS, there is still an option to get that deduction adjusted. But, that will obviously add to your hassles. With a little extra care, you can save yourself from unwanted hassles. Once you have provided all required information, sign it. Do not forget to mention your daytime phone number on the form.

Submit The Form

When it comes to filing past year tax returns, it is very important for you to keep in mind that not all IRS centers process past due returns. Therefore, make sure that you mail the form to the address that has been provided in the form. You can also refer to the instruction booklet for more information about it. Since you are also attaching relevant documents, you must also include a list of the documents that you have attached on a separate sheet. Put all the forms and documents in an envelope and mail it to the address provided in the form.

Overall, the process of filing past year tax returns is not a very difficult one. Still, you have to be very careful because any wrong or incomplete information on the form can make things complicated for you. If you need some assistance in filling out the forms, you can give a call to the IRS anytime at 1-800-829-1040. Besides that, if you find the process to complicated to handle on your own, you are advised to get assistance from a professional accountant, the one who has a good deal of experience in handling such things. The accuracy of the information you are providing is very important because otherwise you may be suspected for intentional tax fraud, which can push you deeper into serious legal trouble.

Obtain Form 1040X

You have to fill out the form 1040X, which you can download free of cost from Internet. All you have to do is to visit the official website of the IRS (Internal Revenue System). However, here, it is very important for you to keep in mind that when it comes to filing an amended tax return, you have to do it manually. The tax laws of the United States of America do not allow you to file the amended tax return electronically. If you have to make changes to tax returns of several years, you will have to fill out and submit a separate form 1040x for every year. Please note that you can file a claim for tax refund only within three years of filing the original tax return.

Fill Out The Form

You will have to be very careful while you are filling out the form 1040x. Make sure that the information you are providing is accurate and complete in all respects. Some basic information that you need to provide include filing status, social security numbers, address, name, and other such things. Do not forget to mention the year of the tax return that has to be amended. Besides that, it is also important to note that though change in filing status is possible, there are certain legal restrictions. For example, the US taxation laws do not allow you to change from a joint return to an individual return.

Changing Amounts

While you are filing an amended tax return, you must also take great care while changing the amounts. First, you need to provide the amounts mentioned in the original tax return in the column A, and then, in the adjacent column B, you can mention the difference in the amounts that has to be adjusted. These amounts may be related to credits, deductions, and income. Then, in the column C, you can subtract or add (whichever is applicable) the amount in the column B from the amount mentioned in the column A. make sure that you enter the corrected amounts in the correct line. For example, the line 5 of the column C should be used to mention the corrected taxable income.

Line 6 Of Column C

You have to be very careful while you are filling out the line 6 of the column C as part of the process of filing an amended tax return. For example, if AMT (Alternative Minimum Tax) applies to your case, do not forget to mention that amount in the line 6. While you are calculating the changed tax liability, make sure you refer to the tax schedules’ or tables that are applicable to the year that is being amended.

Complete The Remaining Lines

Once you arte through with the above steps, you will have to complete the remaining lines for refunds already received, tax payments already made, other taxes, and credits. Explain each and every change that you are making. In some cases, you may be required to attach some documents. If so, do not forget to include those attachments. Depending upon your specific situation, you can show the net difference either as a refund on Line 23 or as additional tax due on Line 21.

Print The Completed Form

Once you complete the form 1040x, you can get the same printed on paper. You can then submit the form with the local IRS (Internal Revenue Service) center in your area. You will obviously have to include a check for payment in case you owe additional tax after making the changes.

Though the process of filing an amended tax return may look a simple one, the calculations can sometimes be very complicated. For example, if you are decreasing or increasing your gross income, it will impact several other items also, such as allowable credits and limitations on itemized deductions. Even the taxable amount of social security benefits may get affected because of this. Therefore, you have to be very careful while you are doing your calculations.

Do The Math

Your calculation must be accurate because it is one of those few items on a tax return form that the Internal Revenue Service (IRS) can verify very easily. Any irregularities regarding the tax payment on alimony income can easily be tracked down. Therefore, it is very important to mention the correct figure. Do a thorough calculation and find out the aggregate amount of money you have received during the tax year.

Put It In The “Income” Section On Form 1040

You need to fill the form 1040 when you file your tax return. There is an “income” section in this form. You need to put the total amount of alimony payments you received during the tax year in this section.

Complete The Form

After entering the details about your alimony payments, you can go ahead and complete the form as usual; provide your personal information, mention the deductions, and fill up other relevant sections that are applicable to you.

Calculate Your Taxes

When it comes to making tax payment on alimony income, you will obviously like to know how much tax is due on this particular income. You can do your calculation with the help of the tax tables that are usually provided in the “Tax and Credits” section on the backside of the form 1040.

Calculating Tax Refund

Once you are through with your calculation, you can then go ahead and fill out other sections, such as “Payments”, “Other Taxes”, and “Tax and Credits. The difference of the total amount of outstanding taxes and the total amount of taxes that you have already paid and any tax credit (if applicable) must be entered on the backside of Form 1040 either in the “Amount You Owe” or “Refund” section.

Overall, the procedure of tax payment on alimony income is not very difficult. Alimony is like any other income and the IRS requires you to treat it the same way.

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