The Daily Deduction

Amending Your Tax Return

Mistakes happen and sometimes it’s difficult to know what to do, especially under the pressure of an ominous IRS letter. Remember to breathe first—it’s just paperwork!! How do you fix the issue with the Internal Revenue Service?

It could be something simple, like a miscalculation, typo, or missing form. The IRS will correct the math issues and send requests for the missing forms. In that case, there’s no need to worry about amending a return.

How do I file an amended return? 

If the mistake is a change in your income, filing status, deduction or credit, you will need to file a Form 1040X (Amended U.S. Individual Income Tax Return) on paper.

How much time do I have? 

You have three years since the date of filing or two years from the date of paying (whichever is later).

What if I am supposed to receive more of a refund? 

If your amended return results in more refund money, go ahead and cash your original refund check.

What if I end up owing more?;

However, if your amended return results in tax liability, you’ll want to lower fees and interest by paying those taxes as soon as you can. If you need to, you can amend more than one tax return.

If you are uncertain about needing to amend a tax return, don’t hesitate to contact your local Liberty Tax office. To find one, call 866-871-1040 or use the Office Locator here. 

Posted To: The Daily Deduction By: Lauryn on 8/7/2013 01:25:00 AM
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