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How to Correct an Error on Your Tax Return After Filing
How to Correct an Error on Your Tax Return After Filing
Uh oh, you already hit “submit” on your tax return and now you realized you made a mistake. Don’t panic! It happens to lots of people. The good news is you can fix it by amending your tax return. Here’s what you need to know about correcting errors on your tax return after filing.
Should I Amend My Tax Return?
You may need to amend your tax return if:
- You forgot to report income, like from a side job or investment
- You claimed deductions or credits you weren’t eligible for
- You made a math error that changes your tax liability
- You entered incorrect information like an inaccurate Social Security number
You usually don’t need to amend your return for minor math or clerical errors, since the IRS will just fix those and send you a bill or refund. But for substantial errors, amending is the way to go.
When Should I File an Amended Return?
You typically have 3 years after filing your original return to amend it. So don’t rush! Wait until the IRS finishes processing your original return, so you can see if they caught any errors themselves.
You can file Form 1040-X to amend a return you already filed. The form has columns to show the original and corrected amounts side-by-side. Easy peasy!
How Do I File an Amended Return?
Filing an amended tax return is pretty straightforward:
- Get a copy of your original return so you can see what needs changing
- Fill out IRS Form 1040-X, entering the revised info in Column B
- Attach any new documentation, like corrected W-2s
- Mail the completed form and docs to the IRS
The IRS now allows you to e-file Form 1040-X for the current tax year and two prior years. But for older returns you’ll need to print and mail it in.
What If I Owe More Tax?
If your mistake means you owe more tax, you’ll need to pay the additional tax due by April 15 to avoid penalties and interest. The IRS will send a bill with payment instructions.
Will I Get a Refund?
If your correction results in overpaying your taxes, you’ll get a refund check! It usually takes 8-12 weeks to process amended returns.
Do I Need to Amend My State Return Too?
If you amend your federal return, you often need to amend your state return too. Check your state’s requirements for amending returns.
How Can I Avoid Amending Next Year?
Here are some tips to avoid having to amend your return:
- Double check your info before filing
- Save all tax documents in one place
- Wait to file until you have all tax forms
- Use tax software to catch errors
- Hire a tax pro if your return is complex
Mistakes happen, but with some care you can avoid having to amend your tax return. Just remember, if you do need to amend it’s not the end of the world! The process is straightforward and the IRS will work with you to get it fixed.