Making an error when you file your tax return happens – especially when you’re unfamiliar with new tax laws or a change in your tax situation. Sometimes a form’s wording is confusing and people insert incorrect information or other times, someone makes a simple human error. In most cases, there are set steps you need to take if you’ve caught an error and need to make a correction.
If you’ve added numbers incorrectly or something else of that nature, you probably don’t need to do anything. As your tax return is processed, errors like this are usually caught.
Forgetting to attach a schedule
Neglecting to attach addendum sheets, like: itemized deductions, dividend and interest income, business profit or loss, and capital gains will usually result in the IRS asking for whatever is missing. You will need to send in the information they ask for and then they will process your tax return. If you catch this before they do, get the sheets ready, but you don’t need to send them in until they ask for them.
Submitting false information is more serious than simply forgetting a schedule or making a math error on your tax return. If you’ve realized that you forgot to claim some of your income or didn’t claim a credit you were eligible for, you will need to file an amended or corrected return.
How to file an amended or corrected tax return
- The first thing you will need to do is fill out a Form 1040X and explain your changes.
- If the corrections involve any schedules, you’ll need to submit these along with your Form 1040X.
- You usually have 3 years to file a corrected tax return if you’re claiming a return or credit.
- The IRS should take 8-12 weeks to process your corrected tax return.
- If you feel like it is taking longer than it should to hear back, you can check on your return with “Where’s My Amended Return?”
- You cannot file an amended tax return electronically through e-file. You will need to mail paper copies of your forms and schedules.
If you would like help filing your amended tax return, get in touch with us. We are tax specialists and will gladly correct any of your mistakes and double check to make sure that you haven’t missed anything.