In the majority of cases, the reply to this query would be no. This is due to the fact that, in most cases, you have two years from the day you paid the tax or three years from the date you submitted the original return, whichever comes sooner. You might not have a second chance if you fail to submit your current return before the deadline. However, residents of Needham might find certain exceptions to this norm, just like there are numerous other parts of the tax code. If you need help amending your tax return, contact a CPA in Needham, MA.
Can you make changes to a five-year-old tax return?
There are some exceptions if you want to amend a five-year-old tax return:
- Financial disability: If a person has a medically determinable physical or mental handicap that prohibits them from handling their financial affairs, the time limitations for submitting an amended return may be delayed for the following individuals:
- Has lasted or is expected to remain continuously for at least 12 months or
- can be expected to have a death result.
Complete health records from a doctor must be provided to back up this taxpayer-initiated claim. It is essential to remember, however, that the time frame for sending a revised return will not be delayed if the taxpayer has a guardian or spouse who has the power to act on their behalf with regard to income.
- Poor debt or worthless security.
An updated return based on a worthless security or bad debt must be completed within seven years after the return’s due date for the tax year during which the security or bad debt happened.
- Foreign tax credit or deduction
Ten years after the return’s due date, it is now possible to file an updated return in order to change or claim a foreign tax credit or deduction for foreign taxes.
- Combat zones and contingency operations.
Battlegrounds and backup operations. If a taxpayer falls ill while serving in an area of conflict or on a contingency operation, the deadline for filing a revised return may be immediately extended. To achieve this, “qualified hospitalization” relates to:
- Any hospitalization that occurs outside of the US or
- Up to five years of hospitalization within the US.
- Federally declared disasters.
If a federally declared catastrophe affected you, you may have more time to make a claim for credit or reimbursement on your amended return.
This is by no means a comprehensive list of the exceptions to the general rule that states amended returns must be filed no later than three years from the date of the original return’s filing or two years from the date the tax was paid. You could also be able to make adjustments to a return that you filed more than three years ago under certain conditions.
