How to Amend Tax Returns After a Bankruptcy
When an individual files for bankruptcy, the assets of the individual may become an estate, separate from the individual, for the purposes of assessing and collecting tax debt. The Internal Revenue Service essentially takes its place in line with other creditors for a claim on the estate. When a bankruptcy petition is dismissed, however, it is sometimes necessary for petitioners to file an amended return reflecting the change or correcting a partial year tax return filed prior to bankruptcy.
Instructions
- 1
Download a copy of IRS Form 1040-X, Amended Individual Income Tax Return.
2Make a note of the reason for the filing in Section C of the form, such as "change in bankruptcy filing status."
3Fill out the remainder of the form. In cases where a Chapter 7 or 11 bankruptcy petition was dismissed, you must claim all income, gains and losses on the 1040-X that were previously claimed by the bankruptcy estate.
4Fill out a Form 1041, Amended Return for U.S. Estates and Trusts. If the amendment is simply to correct or update information on a previous return filed by the bankruptcy estate and there has been no dissolution of a bankruptcy estate, file a new Form 1041, and check the block in section F that says "amended return."
5Attach any relevant schedules or additional forms, such as Schedules C or D, and send them to the IRS just as you would a regular income tax return.
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