How to Correct Tax Filing Mistakes

The last thing most taxpayers want to think about so soon after the tax-filing deadline is filing another tax return. Yet, that’s something you’ll have to do if you made an error and a task you’ll want to perform if you shorted yourself. Here’s what you need to know if you have to file an amended return due to a mistake on your tax return.

What to Do

First, contact your tax preparer if you had that person's help to prepare and file forms. Next, whether the error was in the IRS’s favor or yours, file Form 1040-X, Amended U.S. Individual Income Tax Return to report the error. Include copies of forms and schedules with the errors or forms that you didn't include with your original return.

Generally, for a credit or refund, you must file Form 1040-X within three years of the date you filed your original return or two years after the date you paid the tax, whichever is later. Don’t forget to include a check for any amount underpaid, plus potential penalties and interest.