What to Do if You Made a Mistake on Your IRS Tax Return
Contents
What to Do if You Made a Mistake on Your IRS Tax Return
Making a mistake on your tax return can be stressful. But don’t panic! There are options for fixing errors, even after you’ve already filed. This article will walk you through the common mistakes filers make, how to correct them, and tips for avoiding problems in the future.
Common Tax Return Errors
Some of the most common mistakes include:
- Math errors like adding incorrectly
- Forgetting to include income sources
- Taking the wrong deductions or credits
- Providing incorrect Social Security numbers
- Filing status errors, like incorrectly claiming Head of Household
Luckily, many minor issues like math errors will be caught and fixed automatically by the IRS. But other problems could lead to the IRS auditing your return or requiring you to make amendments.
What to Do If You Haven’t Filed Yet
If you realize you made a mistake but haven’t submitted your return, don’t panic! Just file a new, corrected return before the tax deadline. The IRS will only process the latest version.
Got an IRS Notice?
If the IRS sends you a notice about your return, don’t ignore it! Read it carefully to understand what they flagged. Often, the IRS gives you a chance to fix errors yourself before they make changes. Respond to the notice and explain what happened.
Need to Amend Your Return?
For major errors found after filing, you’ll likely need to amend your tax return using Form 1040X. This is required if you underreported income or overstated deductions or credits. Some tips:
- You can amend returns for the previous 3 years. Each year requires a separate form.
- There’s no e-filing for amendments – you’ll have to print and mail in the form.
- Attach any required documents you didn’t include originally.
- The IRS will send you a notice once they’ve processed the amended return.
- You can track the status of your amendment starting 3 weeks after mailing it in.
Don’t Forget State Taxes!
If you amend your federal return, remember to also correct errors on your state tax return. Each state has different processes, so check their requirements.
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Amending Can Lead to Owning More Taxes
If your mistake meant you underpaid, amending will require you to pay additional tax plus interest and possibly penalties. Here are some options if you can’t afford the bill:
- IRS payment plans – You may qualify to pay the balance due over time.
- Penalty relief – The IRS may waive penalties for reasonable errors.
- IRS Offer in Compromise – In some cases, the IRS may settle for less than you owe.
How to Avoid Common Mistakes
Preventing errors in the first place is ideal! Here are some tips:
- Double check names, Social Security numbers, and math.
- Save all tax documents needed to file accurately.
- Use tax software correctly by reading prompts.
- Review your return before e-filing.
- Don’t rush – file an extension if more time is needed.
- Keep records organized so prior year data is handy.
- Consult a tax pro if you have a complex return.