Question

Deadline for filing 1040X amended return for 2020 tax year?

Forum|Forum|1 year ago
September 2, 2024
3 replies
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I need to file amended tax return (1040X) for tax year 2020. Am I still in the three-year time limit to do so?

The IRS extended the natural (4/15) due date to 5/17/2021 due to COVID. I filed for automatic extension and submitted my 1040 on 10/13/2021. I filed an amended return on 7/10/2023 with a mix of increases and decreases in taxes due, netting to an additional refund check from the IRS. Is the three-year time limit for amended returns from the 5/17/2021 date or the 10/13/2021 since that is when I actually filed my return?

I need to file another amended return for two reasons: (1) reduce dividend income due to updated 1099-DIV from broker not seen until now; and (2) additional business bad debt expense on Schedule C for business loan made to client in 2016 that was never repaid. I would like to amend 2020 as the year with collection efforts and the year when other related bad debt was written off. However, if the IRS rejects my additional 2020 1040X, I don't want to forego the ability to claim this bad debt expense in a subsequent year.

Thank you, in advance, for your help.

Not A Product Question

fanfare

If you requested an extension of time to file ( Form 4868 ) then you are still able to amend.

@R Taylor

N

NCPERSON1

@R Taylor however, your deadline is next month!

rjs

The statute of limitations for claiming a business bad debt is 7 years [IRC Section 6511(d)(1)].

R

R TaylorAuthor

@rjs, thanks for the info and reference to the IRC! Much appreciated!

L

lnk-fr

Is there a time limit to amending your returns ever?
I know there's are rules and limits around claiming a refund but technically, there's not limit to how far into the future you can submit an amendment.

N

NCPERSON1

you can always submit an amendment to improve the accuracy of your tax return. However, if you are claiming a refund in that amendment, there is a 3 year limit to claim the refund. If you owe, you owe - there is no time limit.