With all the new tax reform changes, there’s a chance you may have rushed through your tax return and made a mistake.  If you made a mistake on your tax return after you filed it, the IRS will allow you to prepare and file an amended return to fix the errors in the originally filed return. A lot of taxpayers tend to choose the wrong filing status or notice mathematical errors on their returns after they’ve already filed. If you made a mistake with your filing status, with your income or with a tax deduction or tax credit, it’s important that you file an amended return as soon as possible. Here’s what you need to know about amending a tax return.

If you filed your individual tax return with a mistake, you would correct it by filing the Form 1040X – Amended U.S. Individual Income Tax Return. When filling out the Form 1040X, make sure you check the box to show the tax year you are amending. You cannot e-File an amended return, you must file it on paper and mail it in. Form 1040X has three columns, column A shows figures from the original return while column B shows the changes you are making. The correct figures should be shown in Column C. On the 1040X form, there is an area on the back where you need to explain the specific changes you are making and what the reasons for the changes are.  Taxpayers don’t generally need to file an amended return to correct math errors. The IRS will automatically correct these. If you forget to attach a tax form to your original tax return, you don’t need to amend your original tax return. The IRS will mail a request for the missing forms.

If the changes you are making to your tax return involve other tax schedules or forms, make sure you attach them to your Form 1040X. If you don’t, this will cause a delay in processing. If you are wanting to amend several federal tax returns for different years, you need to prepare a separate 1040X for each tax year. You will also need to mail them in separate envelopes to the appropriate IRS processing center. If you’re already expecting a refund from your original tax return and believe you will receive an additional refund with your amended tax return, you shouldn’t file your amended return until after you have received that refund. You may cash the refund check from your original tax return as the IRS will send you any additional refund you are owed.

If you’re not sure if you should file an amended tax return, you can always check with the IRS. The IRS usually corrects math errors when processing your original return and will send you a request if you did not include a required form or schedule. If you are not sure if you should file an amended return, you can ask a tax preparer or check the 1040X form instructions here.

If you do not correct this mistake, the IRS could correct it for you which would create additional penalties. The most common mistake made on an individual tax return is underreporting of income which means that not all of the income that was reported to the IRS under your Social Security number was included on your tax return. Once the IRS compares what was reported to them versus what you reported on your income tax return, if they find any discrepancies, they will issue a notice with code CP2000 in the top right-hand corner. This notice tells you exactly what the IRS found and what they are proposing to change from what was reported on your tax return. However, this notice is not the end of the line. If you believe what the IRS states on this notice is incorrect, you have the ability to send in supporting documents to get this corrected. If you do not respond, the IRS will then issue a Statutory Notice of Deficiency with the notice code CP3219A. This notice gives you yet another opportunity to protest the changes the IRS is proposing to your tax return. If no response is given to the IRS by the deadline they give, they will move forward with making the changes they proposed to your account and you would then owe a balance. If you missed those deadlines, there are still other options out there to try and correct the balance if it is incorrect.

If you are having trouble filing your tax returns or need help filing an amended tax return, Polston Tax can help! Our team of tax attorneys and tax preparers can make sure your tax return is filed correctly and that every tax credit and deduction is taken advantage of. Call us today at 844-841-9857 or click below to schedule your free consultation.