How to Amend a Tax Return – Fix an Incorrect Tax Return

Did you make a mistake on your tax return? Mistakes happen, and there is no reason to get upset. Instead, you need to file an amended return to ensure that this error is taken care of. No matter if you made an error in your favor or against yourself it has to be done to get everything squared away.

Why? In most cases you need to do this if you realize a mistake in the following areas: your total income, your filing status, your credits, your deductions, or your dependents. The IRS usually corrects mathematical mistakes so you don’t have to worry about amending a return if you added or subtracted wrong.

If you need to file this return you should start by filling out Form 1040X, Amended U.S. Individual Income Tax Return. Does it matter how I filed my return in the first place? No matter if you filed electronically or with the paper form you can amend your return with Form 1040X. That being said, it is important to note that you must file your amended return on paper. At this time the IRS does not electronically accept Form 1040X.

What does Form 1040X look like? What type of information do you need to include? Generally speaking, this form requests the corrected information as well as the changes that are being made.

Many people are unaware of the fact that they can file an one within three years of the original filing date. So if you made a mistake in the past and have been putting it off you may still have time to rectify the situation. But of course, it is better to do this sooner rather than later to ensure accuracy. If you did not pay your taxes in full the first time around you only have two years to make corrections.

As noted above, even if an amended form is going to cost you money it is better to be safe than sorry. Remember, the IRS will more than likely catch the mistake soon enough. For peace of mind you should file an amended return no matter what it will bring.

Filing and correcting a tax return is easy enough if you know the process for doing so. Once you have Form 1040X by your side you will find it simple to get started.