Amendments

Amendments

You’ve discovered an error after your tax return has been filed. What should you do? You may need to amend your tax return with 1040X.

You should file an amendment if any of the following were reported incorrectly on your tax returns:

• Your filing status
• Your total income
• Your deductions or credits
• Your dependents

The IRS is good at fixing minor miscalculations in your tax returns, but not your filing status, your total income, your deductions or credits and dependents. In most cases, the IRS will question you in writing about these incorrect claims and if you fail to respond within its time frame given to you, it can result in tax penalty and interest. In other words, Uncle Sam will be looking for his missing cash. The quicker you correct your incorrect claims, the sooner you’ll stop any interest that the IRS will charge.

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