TAXATION LAW

When a taxpayer realizes that their federal tax return has a math error, missing income, or other mistake, they should file an amended tax return. If you need to amend your Form 1040, 1040-SR, 1040-NR, or 1040-SS/PR for the current or two prior tax periods, you can amend these forms electronically using available tax software products. Any amended Form 1040, 1040-SR, 1040-NR or 1040-SS/PR returns older than the current or prior two tax periods cannot be amended electronically. Amended returns for those earlier tax years must be filed by paper. Also, if the originally filed return was via paper during the current processing year, then the amended return must also be filed on paper.

The IRS recently announced that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns. The IRS estimates more than $1 billion in refunds remain unclaimed because people have not filed their 2020 tax returns yet. The average median refund is $932 for 2020. The IRS estimates that about 36,200 Illinois taxpayers may lose $40,608,000 in potential refunds.