FAQs About Amending Your Tax Return
It can happen to the best of us. You just filed your tax return and realize that you made a mistake. Don't panic. According to the Colorado Society of CPAs, you can file an amended return to correct your error. Here are the answers to questions that are often asked about filing an amended tax return.
WHAT ARE SOME OF THE REASONS I MIGHT NEED TO AMEND MY RETURN?
You should file an amended return to correct data or add missing information concerning your income, deductions, credits, or dependents. An amended return can also be used to change your filing status. If you are married and filing separately, you can amend your return to file jointly. However, you cannot switch from filing jointly to filing separately once the time for filing the return for either spouse has expired.
WHAT IF I DISCOVER I MADE A MATH ERROR?
If you make a simple addition or subtraction mistake, there's no need to amend your return. The IRS says its computers will detect the error, adjust your return automatically, and notify you.
WHAT IF THE MISTAKE IS NOT IN MY FAVOR?
There is a good chance that the IRS will eventually discover your error and bill you for additional tax due. The faster you correct an underpayment, the less interest you pay.
HAT FORM DO I FILE TO AMEND MY RETURN?
Use Form 1040X, Amended U.S. Individual Tax Return, to correct a previously filed Forms 1040, 1040A, or 1040EZ. Also use this form to amend individual income tax returns submitted through TeleFile or e-file. You cannot e-file an amended return. You can find Form 1040X and instructions for completing it on the IRS website (www.irs.gov) or by calling 800-829-3676. Form 1040X asks for the information you originally reported, your corrected information, and the reason for the changes. There is also a section for adding or subtracting personal exemptions. Be prepared to submit any other affected tax forms, such as Schedule A, if you are