1040X Law and Legal Definition

1040X is an Internal Revenue Service (IRS) tax form. This form amended the methods of U.S. individual tax return. This form is used to make corrections on the previously filed tax return forms namely, form 1040, form 1040A, and form 1040EZ.

To receive tax refunds, a person should file the 1040X form:

1. within 3 years after the date of filing the original version; or within 2 years after the date paying the tax, whichever is later; or

2. for bad debt or worthless security, it must be filed within 7 years after the due date of the original version.

The purpose of this form is to:

1. correct forms 1040, 1040A, 1040EZ, 1040EZ-T,1040NR, or 1040NR-EZ;

2. make certain elections after the prescribed deadline;

3. Change amounts previously adjusted by the IRS; and

4. Make a claim for a carryback due to a loss or unused credit.