How To Amend a Tax Return

What would you do if you filed your tax return and later found out that you made a mistake? This would be a big problem if you only got one crack at filing a return. But fortunately, the IRS allows you to amend your tax return if you need to make any changes.

Step 1

If you need to change your income tax return you should first determine what mistakes you made. Of course, the mistake or size of it really does not matter. Even if you only made a small error you will want to file an amended return. That being said, you do need to know what you are fixing to ensure that it is taken care of properly.

Step 2

Form 1040X is what you need if you are going to file an amended return. This is the form that the IRS makes available to taxpayers who need to fix a mistake on their original return. This is the only way to amend a tax return so you want to make sure that you become familiar with this form if you are going to move forward.

Form 1040X is relatively easy to complete and return. The IRS wants to know three things: what your original information was, what the correct information is, and why you need to make a change. You will also find a section on the form that can be used to add or remove personal exemptions. This comes in handy if you claimed a dependent when you shouldn't have or vice versa. Most people are surprised at how simple it is to fill out and file Form 1040X.

You can even use this form to change your filing status. This may not sound like a big deal, but a change could net you a bigger return in many cases.

What if the IRS is going to benefit from my amended tax return? Even though this may be difficult for you, it is important that you file Form 1040X anyway. It is important to realize that a correct return is essential; even if it means the IRS is going to benefit and you will end up paying more. To amend a tax return you should complete and file Form 1040X. This will put you on the right path to an accurate return.

Find more information on amending a tax return or getting help with taxes. Our firm consists of a variety of tax professionals that can help with just about any tax problem you may have.

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