How to File an Amended Tax Return

Oops!  I messed up my tax return and now don’t know what to do.
Surprisingly, the IRS makes re-filing a tax return or an Amended Return pretty easy to do.  Follow the steps below and you’ll be outta the clear in no time…or richer!

1. Only File an amended return if you discover any of the following items were reported incorrectly: filing status, dependents, total income, deductions or credits.
2. Generally, you do not need to file an amended return for math errors as the IRS will be ale to make the correction for you.
3. You also do not usually need to file an amended return because you forgot to include W-2s or schedules; the IRS normally requests those forms from you.
4. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct a previously filed 1040, 1040A, or 1040EZ.  It does not matter if you filed manually or electronically, the 1040X will work for both.
5. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
6. If the changes involve another schedule or form, attach it to the 1040X.
7. If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.
8.  If you owe additional tax for 2008, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges. Interest is charged on any tax not paid by the due date of the original return (usually 4-15).