The IRS allows you to fix mistakes on your filed tax returns.
If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there’s no need to amend your return. However, do file an amended return if there’s a change in your filing status, income, deductions, or credits.
What are the most common reasons that you may need to amend your taxes?
- You received a penalty letter or a tax assessment letter from the IRS or any state
- You realized you accidentally forgot to report 1099-INT, 1099-DIV, K-1, 1099-MISC or any other type of income
- You found out that you qualify for a tax credit or deduction and would like to get your refund.
- Included incorrect dependent information
- Accidentally left out foreign income, FBAR, forms 8938
- Returns were filed too aggressively or by an unlicensed person & you would like to have them corrected
Note: tax refunds from the IRS are only allowed for three years after your filing due-date, so act fast if you feel that your amendment will produce a refund!