Tax day has come and gone. Aren’t you glad that it’s finally over? Unless, that is, you are one of the millions of people who filed an extension this year.
But before you wrap up and file away and wait for the next time you have a chat with Uncle Sam, maybe you should take some extra time and review your return. Here are some things to consider:
– Did you find something you wanted to add initially but simply forgot?
– Was there a deduction that could have earned you more money but you neglected to include it?
– Did you happen upon a 1099 with income that you didn’t report?
– Was there a mistake that needed fixed?
– What about all of those credits offered by the IRS? Did you take them?
If you answered yes to even one of these questions, don’t be concerned. All you need to do is file a 1040X (click here to read more about filing a 1040X through the IRS.gov).
The 1040X is a paper form, even if you filed electronically, and it’s not even necessary to fix any math errors on your new form because the IRS staff will see them and rectify the mistake. On page 2 of the 1040X is a place for an explanation. Do not neglect this section. Be incredibly explicit.
Further, for filing an amended return, follow these two rules:
– If your refund will be increased due to the 1040X, wait for your refund before filing. You are able to spend the check in the meantime, because an amended return will simply add to your return and can take up to three months to process.
– If your refund will be decreased (create more tax), you should file it ASAP to avoid additional interest and penalties. If you will be adding more forms, simply attach them to the 1040X as needed.
Here is a copy of the 1040X for this year, and here are the instructions.
Need help filing an amended return? Feel free to contact us for more information.