First, don't panic. Mistakes happen, and there are procedures in place for fixing them. Second, here is what the IRS has to say about correcting your return.
If you discover an error on your federal income tax return after you e-filed or mailed it, you may want or need to amend your return. Perhaps you are eligible for a deduction or credit and you missed it the first time?
Here are seven key points from the IRS if you are considering whether to file an amended federal income tax return.
1. Use Form 1040X, Amended U.S. Individual Income Tax Return.
2. Form 1040X is filed to correct previously filed Forms 1040, 1040A or 1040EZ. An amended return cannot be e-filed; you must file it on paper through the mail.
3. Generally, you do not need to file an amended return to correct math errors. The IRS automatically makes those corrections. Also, do not file an amended return because you forgot to attach tax forms such as W-2s or schedules. The IRS normally send a requests asking for those.
4. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
5. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS addresses listed in the 1040X instructions.
6. If the changes involve another schedule or form, you must attach that schedule or form to the amended return.
7. If you are filing to claim 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.
If you have further questions or need help, click here to contact one of EHTC's tax professionals.