I have a question about reporting prior year deductions. Can I report prior year deductions on this year’s tax return or do I have to file a separate form?
You can report prior year deductions but you will have to complete and mail an amended tax return by filing Form 1040X. You are not able to e-file a 1040X. By filing Form 1040X are basically changing your original return to include new information.
Reporting prior year deductions is done by amending your tax return with Form 1040X: Amend U.S. Original Tax Return. However, you will need to do the following:
- File Form 1040X within three years from the date you filed your original tax return
- Within two years of the date you paid the tax, whichever is later.
- Make sure you enter the year of the return you are amending on the 1040X
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You can claim the standard deduction or itemized deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.
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