How to Correct Mistakes on Your Tax Return After Filing

Filing your tax return is an important annual task that can seem overwhelming at times. But what happens when you realize you made a mistake after you’ve already filed? Don't worry; you're not alone. It's common to make errors or forget to include information on your tax return. Fortunately, correcting mistakes on your tax return is possible and not as complicated as it may seem.

Determine Whether You Need to File an Amendment

Not all mistakes require you to file an amended tax return. If the mistake is minor, such as a simple math error, the IRS will correct it automatically. If you forgot to include documents such as W2s or schedules, you do not need to submit an amendment. The IRS will generally request those forms from you. However, if the error affects your filing status, dependents, income, deductions, or credits, then you will need to file an amended tax return.

​You have three years from the date you filed your original return, or two years from the date you paid the tax, whichever is later, to file an amended return and claim a refund. If you miss this deadline, you won't be able to claim any additional refunds. Keep in mind that if your amendment results in additional taxes owed, you'll need to pay those taxes as soon as possible to avoid penalties and interest.

How to File an Amendment

To file an amendment, you will need to fill out the correct form provided by the IRS. Different amendment forms are used for different entities, such as Form 1040-X for individuals, Form 1120-X for corporations, Form 1065-X for partnerships, and Form 1041-X for estates and trusts. It's important to use the correct form for your entity type to ensure that your amendment is processed correctly.

​You'll be required to include information from your original tax return as well as the corrections you need to make. Be sure to double-check all the information you provide on your amended return, as errors can cause delays or even trigger an audit.

Consult with a Tax Professional

Filling out amendment forms can be complex, and an amendment may result in a tax audit, so it's a good idea to seek the assistance of a tax professional to ensure that the form is filled out correctly. Additionally, tax professionals can assist you in gathering the necessary documentation to support your amendment.

If you need to file an amendment, Larry Bradford, CPA is here to help. With over 40 years of experience in practice, Larry has extensive knowledge of navigating the complex world of taxes. He can provide guidance on which amendment form to use and help ensure that your amendment is completed accurately and on time. If you have any questions or would like to set up an appointment, give Larry a call at 512-402-0049 or send an email to [email protected]. Don't let a mistake on your tax return cause unnecessary stress or financial burden - reach out to Larry Bradford, CPA today for professional assistance.