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1040X... Heard Of It?

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Another vet and I were talking yesterday and she brought up that she used the 1040x to amend her filed taxes.

She said that she files this to lower her tax liability every year. I found it a little fishy. She's 100% not p&t and didn't retire from the Army.

Is this another veteran tall tale or is this something people should look into.

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1040x is used to amend your original tax return. If you made a mathematical error, forgot to put information on your return, etc; you use a 1040x.

Amending your original return could result in a lower tax liability or higher tax liability depending on the information corrected. JMO

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I agree with the given above. I had to use this when I did my taxes late last year separate from my wife. In my case it cost me almost 2k, but for some reason my taxes would have been more had I filed earlier in the year. Don't really know why, it just turned out like that.

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This is my first year service connected, how do I put my VA compensation on my tax form?

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Is she 100% Scheduler or IU, P&T doesn't really play in to this. With IU, she can only have earned income up to the VA Gainful Income Level, currently $12,???.00. On the other hand, if she's scheduler 100% she can have any amount of earned income without it affecting her VA Comp. If she's a big earner and not very good with completing her taxes, she might actually need to amend a prior years filing on a regular basis. The simple filing of an amended return doesn't automatically reduce your taxes, they might actually be increased.

The IRS relies on Voluntary income reporting by employers, individuals, Banks Etc. If you overpay your taxes or don't claim a refund (Don't File,) I think you loose it after 2 years. On the other hand if you owe due to not reporting and paying the increased tax, the IRS can look at your last 5 yrs of tax's. You miss and don't amend a return and owe say $!K+ from 4-5 yrs ago, could cost $4-6K in penalties and interest. That's what the amended return is for, you catch something that you claimed or didn't claim and need to get right. I'm not sure on the allowed time frame to file an amended return, wouldn't think the IRS would leave it open ended.

Semper Fi


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VA disability compensation is not taxable. You do not have to report it on your tax return.

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Form 1040X, Amended U.S. Individual Income Tax Return

Source: IRS

File this form to do the following.

  • Correct Forms 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ.
  • Make certain elections after the prescribed deadline.
  • Change amounts previously adjusted by the IRS.
  • Make a claim for a carryback due to a loss or unused credit.
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