Guide on Amending a Tax Return

What if you filed your return and then realize that you made a mistake? Don’t worry; you can file an amended tax return. Yes, this means more work on your part but in the long run it is something that you need to do. If you don’t file an amended return you will add more stress to yourself, while also risking trouble if you are audited in the future.

Form 1040X is all you need to get started. There is nothing complicated about this form, and once you review it you will see just what you have to do and what type of information the IRS needs from you. Of course, if you are not comfortable filing an amended return you can always ask your tax professional to help. If they filed your initial return, and made a mistake, this is something they should do for free.

The IRS needs to know what you reported on your initial return, why you are making a change, and what numbers are correct. You can also use an additional section for adding or removing personal exemptions. This is important if you included a dependent that did not qualify, or left out a similar detail.

What if an amended tax return means that I will owe money instead of receiving a refund? While this may be a tough pill to swallow, it is something you have to do anyway. Remember, the IRS is going to find the mistake soon enough.

You may get away with it for a few months, or maybe longer, but at some point it will come back to haunt you and you will have wished that you completed the amended return at the right time.

If you need to file more than one amended return, you need one form for each year. You should never attempt to fix more than one mistake from different years on the same form. Not only will this confuse you, but it will do the same to the IRS. Additionally, each form should be mailed in a separate envelope.

Filing an amended tax return is easy if you follow Form 1040X down to every last detail.

Amend Tax Return
More information on successfully ameding a tax return with the IRS