Filing taxes is not something most folks look forward to doing every year. Modern e-file options have made filing taxes easier, but there is still room for error.
If you’ve made a mistake on your tax returns, all is not lost. Even the IRS allows for tax return errors. Here is some basic information on how to make a tax return correction.
Why Amend Your Tax Return
You will need to correct your tax return if you need to correct your filing status, add dependents, or change your total income for the year you need to correct. You can also make a correction to your return if you need to add deductions or tax credits that you forgot to include on the original return.
You do NOT need to make a correction for simple math errors. The IRS thoroughly checks each return for simple errors and fixes them.
How to Make a Tax Return Correction
To make corrections on your tax return, you will need to fill out the IRS form 1040-X. You cannot e-file a corrected tax return, so you will need to fill out the form and mail it to the IRS. In some cases the tax software you used will have the ability to file a correction, so check with them to make that’s an option before you proceed.
There are detailed instructions on the form. The form has columns for the original return amounts, the new amounts, and the difference. There is also space on the back for you to explain the reason for the changes.
If you need to file a correction for multiple years, you will need to use a separate form for each year.
When to Revise a Tax Return
You can make an amendment to your tax return up to three years after the original return has been filed. If you’re expecting a refund from the original return, don’t file until you have received the funds. Generally, it takes 16 weeks to process a tax return correction.
If you’re expecting an additional refund from your corrected return, you can track the status by visiting the IRS website.
Services for 1099 Errors
A 1099 form is used for rents, prizes, or supplemental income. It’s not uncommon to make mistakes on 1099 tax returns creating a need to refile your 1099 return.
Common issues include entering an incorrect amount or putting information in the wrong box. Or you may find you have placed the tax identification number in the wrong place.
If you need help with 1099 corrections filing, there are companies who can help you out.
Updating Your Return
If you’ve made a mistake on your return or forgot to include deductions and corrections, there’s no need to panic. You can always file a tax return correction to fix the issue. If you need help, there are services available to assist you.
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