Tax season can be hectic and confusing as you rush to gather important documents from over a year ago. With all of the requirements and specifications that taxpayers need to remember, oftentimes confusion and mistakes happen, leading to an inaccurate claim on their tax return. If you notice a major issue on your tax return, chances are the IRS will notify you and request that you amend your recent return to make any necessary corrections. Whether you filed under the wrong status or forgot to claim a dependent, an amended tax return is here to fix the mistake! If you’re unsure of how to go about amended your taxes, we have included a few tips below to help along the way.
Complete The 1040X Form
When realizing a mistake on your taxes, the first thing you will want to do is reach out to your local tax professionals and request a 1040X form. This form allows you to essentially start over and file a new set of returns to correct the mistakes on your original 1040 form. Many taxpayers simply note the changes that need to be made in the margin of their original tax return and transfer the information onto the 1040X sheet. Once you have had your amended return inspected by a tax professional, mail it out to the IRS and you should receive your additional refund in no time.
Know When Not to Amend
It is no secret that errors on your tax return can be consequential if an IRS official thinks you are being purposefully untruthful. However, small mistakes happen, and oftentimes officials may even correct the math if they see a number was misplaced or a form was never filled out. It is important to note that these small mistakes are not required to be amended! Only amend your previous tax return if vital information was included that should not have been or if claims were left out that affect your overall refund amount. If you are unsure as to whether your tax return needs to be amended, call our tax professionals at JLW Tax & Bookkeeping Services for a consultation.
Amending More Than One Tax Year?
If you notice a mistake on a tax return from up to 3 years ago, taxpayers have the opportunity to file an amended return to receive an additional refund. If you plan on filling out more than one amended tax return, use separate 1040X documents and mark the calendar year that they are amending. We also recommend reaching out to your local tax professionals at JLW Tax & Bookkeeping Services in Springfield, IL for assistance on multiple amended tax returns.
Receive Your Refund, Then Amend
Whether you notice a mistake with your tax return as soon as you submit it or a few years later, it’s always important to wait to receive any refund you are expected to receive before amending your return. This ensures a smooth process for both you and the IRS without any confusion as to what money you may have already received and what you should be expecting. For additional information call JLW Tax & Bookkeeping Services at (217) 679-1872 in Springfield, IL.
