You have already filed your income tax return and you discover you made a mistake; what do you do? If you determine you made a mistake after you filed your tax return you will need to prepare and file an amended return. Amended returns may be filed within three years from the date you filed your original tax return or within two years from the date you paid the tax, whichever is later.
If you made a mathematical error, the IRS will notify you of the error and you will just need to send any additional tax owed or wait for your refund whichever the case may be. If you neglected to include a form or schedule which was required in your tax return, the IRS will send you a notice requesting the missing document. But if you realize you need to correct your filing status, change your number of dependents, adjust your total income, tax deductions or tax credits you will need to file an amended return.
To file an amended tax return you will need to use Form 1040X and mail the return as you cannot e-file an amended return. If you discover you need to amend more than one tax year, you will need a separate 1040X form for each year. You will need to mail each amended return separately to the appropriate IRS processing center.
Once you determine you need to prepare an amended return, carefully examine the 1040X. This form has three columns: column A will contain the figures from the original return; column B will show any changes you are making and column C shows the corrected figures or how the return should have appeared had it been correct initially. There is also a section to explain any changes made. If there are any additional forms involved in the changes, they will need to be attached to the 1040X. If you neglect to include the required additional forms, it will delay the processing time.
If your original return resulted in a refund and your amended return adds to the refunded amount, do not file your amended return until you have received the initial refund. But if your amended return indicates you owe more money, pay the additional money immediately to decrease the amount of interest and penalties you might owe. The time the IRS typically takes to process an amended return is usually 8 to 12 weeks.
If you find it necessary to file an amended return, save copies of all documentation supporting the changes made along with copies of the amended return. Also, it is much better for you to amend any errors rather than waiting for the IRS to find your error (s) and send you a notice. If you find amending your tax return to be too overwhelming, you can hire the services of a professional income tax preparer and let him or her deal with the process. But whatever avenue you choose, do not stress as filing an amended return is a common occurrence; thousands do every year!
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