Do you need to change or correct your tax return(s)?
If you have already filed your individual or business income tax returns and discovered that you made a mistake, or you forgot to add a dependent, or your accountant or a tax advisor missed a tax deduction, or reported wrong taxable income, or you need to make any other adjustments to the taxes; you should file an amended tax return Form 1040X*. Amending taxes is a complex issue and it’s recommended to seek professional tax help from an accountant, CPA or a tax advisor to help you with the tax changes or corrections. Here are few important facts you should know about correcting your already filed personal taxes.
- If you need to amend your individual tax return for any tax year, use Form 1040X, Amended U.S. Individual Income Tax Return. You can correct your filed personal tax forms 1040, 1040A or 1040EZ.
- You cannot e-file the amended tax return, so you will need to file it by paper.
- Generally, you do not need to file an amended return for math errors. The IRS will automatically make the correction.
- If you forgot to include a tax forms such as W-2, 1099, or any other tax schedules, you do not need to file an amended return; because the IRS normally will send you a request asking for those documents.
- If you feel that you have enough knowledge to amend your taxes without any help form an accountant, CPA or a tax advisor, be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you have three years to amend your filed taxes, or two years from the date you paid the tax, whichever is later.
- If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the IRS campus for the area in which you live. The 1040X instructions list the addresses for the campuses.
- Attach any changed schedules or forms to the amended tax return form 1040X.
- If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X.
- If the change or correction in your tax return causes you to pay additional tax, you should file the amended tax return and pay the tax as soon as possible. You might be subject to interest and penalty charges for any additional tax liability you owe. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.
IRS Circular 230 Legend: Any advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax payments or penalties. Unless otherwise specifically indicated, you should assume that any statement in this website or articles that relating to any U.S. federal, state, or local tax matter was written in connection with the promotion or marketing. Disclaimer: Any articles herein is designed for general information only. The information presented at this site should not be construed to be formal legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances.