When it comes to their tax returns, everyone tries to be as precise as possible. However, mistakes happen, as we all know. In those cases, can you amend a tax return? Keep reading to learn more.
Can You Amend a Tax Return?
The short answer is yes, you can amend a tax return. However, even though mistakes on tax returns are relatively common, not all mistakes warrant filing an amended tax return.
For example, the IRS usually corrects math or clerical and may even accept returns without certain forms or schedules.
These are some cases where you DO need to file an amended tax return:
- The filing status on your return is incorrect
- You entered income incorrectly
- You claimed deductions or credits incorrectly
Some Useful Tips
First off, keep in mind that if you are owed a refund, you must wait until your original return is processed before filing an amended tax return.
If you forgot to attach a form or schedule, don’t file an amended return just yet. Wait until the IRS sends you a letter requesting any missing documents.
If you need to file an amended tax return because you need to pay additional tax owed, then file Form 1040-X and pay the outstanding amount as soon as possible to avoid interests and penalty charges.
Once you have filed an amended tax return, you can check its status using the tool Where’s My Amended Return? You’ll need some basic personal details such as date of birth, Social Security Number (SSN), and ZIP code.
If you are not sure yet whether you need to file an amended tax return, use this online assistant created by the IRS to help taxpayers determine the best course of action.
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