How to Fix Errors Made on Your Tax Return

If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return:

When to amend a return.

Generally, you should file an amended return if your filing status, number of dependents, total income, tax deductions or tax credits were reported incorrectly or omitted. Additional reasons for amending a return are listed in the instructions.

When NOT to amend a return.

In some cases, you do not need to amend your tax return. The IRS usually corrects math errors or requests missing forms – such as Forms W-2 or schedules – when processing an original return. In these instances, do not amend your return.

Form to use.

Use Form 1040X, Amended U.S. Individual Income Tax Return, to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ. Make sure you check the box for the year of the return you are amending on the Form 1040X. An amended tax return cannot be filed electronically.

Multiple amended returns.

If you are amending more than one year’s tax return, prepare a separate 1040X for each return and mail them in separate envelopes to the appropriate IRS processing center (see “Where to File” in the instructions for Form 1040X).

Form 1040X.

The Form 1040X has three columns. Column A shows original figures from the original return. Column B shown the changes you are making. Column C shows the corrected figures. There is an area on the back of the form to explain the specific changes and the reasons for the changes.

Other forms or schedules.

If the changes involve other schedules or forms, attach them to the Form 1040X. Failure to do this will cause a delay in processing.

Additional refund.

If you are amending your return to get an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.

Additional tax.

If you owe additional tax, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges.

When to file.

Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original tax return or within two years from the date you paid the tax, whichever is later.

Processing time.

Normal processing time for amended returns is 8 to 12 weeks.

Posted in
The Modern NFL Quarterback Market, 3 Views pic2

The Modern NFL Quarterback Market, 3 Views

Written by Ryan Hickman. As we approach the NFL draft, the quarterback market remains volatile.  Many consider Tom Brady to be the greatest football player of all time. Why? As the starting quarterback for the New England Patriots, Brady led their franchise to 6 super-bowl championships before leaving in the 2020 offseason to Tampa Bay…

Five Keys to a Successful Family Business

Five Keys to a Successful Family Business

The Community Leaders of a Family Business (Five Keys to a Successful Family Business) Written by Ryan Hickman. Family businesses have been an essential component of the global economy for centuries. These companies are often characterized by their tight-knit management structures, long-term perspective, and commitment to preserving family values. However, running a family business can…

The Man That Helps People Live their Financial Dreams with Comedy - Charlie Epstein, Host of Yield of Dreams

The Man That Helps People Live their Financial Dreams with Comedy – Charlie Epstein, Host of Yield of Dreams

Introduction (yield of dreams) In this interview, Alan Olsen, CPA, MBA discusses using comedy to help people reach their financial goals with Charlie Epstein, author and principal of Epstein Financial Group, LLC and Epstein Financial Services, a Registered Investment Advisory firm. Transcript: Charlie Epstein My ministry in life is to ease people’s pain and suffering about…

Finding Infinite Freedom with Eric Francom

Finding Infinite Freedom with Eric Francom

Introduction (Eric Francom discusses finding infinite freedom) In this interview, Alan Olsen, CPA, MBA discusses teaching business success with Dr. Eric Francom. Dr. Eric Francom is an Angel Investor, wealth mentor, speaker, podcaster, and author. Transcript: Eric Francom A lot of people invest in stocks and bonds and retail products, but they don’t get into the part of…