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Fixing an Error on Your Tax Return

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Even taxpayers who take great care when filing their tax returns can make mistakes or fail to omit required information. Fortunately, it is possible for taxpayers to remedy these types of mistakes by amending their tax returns, so if you recently realized that you made a critical error on your own return, it is important to consult with experienced Florida tax return preparation attorney Ronald Cutler who can explain your legal options.

What Types of Errors Require an Amended Tax Return? 

Not all errors made on a tax return require an official amendment. Simple math errors or failing to attach a required form, for instance, do not usually necessitate the filing of an amended tax return, as the IRS will almost always correct these errors on the taxpayer’s behalf or notify the taxpayer of the mistake by mail. Similarly, the IRS will also send a letter specifically asking for missing forms or schedules that were mistakenly not attached to a taxpayer’s return. It will be necessary, however, for taxpayers to submit amended returns in order to:

  • Change their filing status;
  • Correcting their income;
  • Correcting deductions or credits;
  • Properly signing their forms; or
  • Correcting bank account numbers.

When it comes to fixing these types of mistakes, taxpayers are required to complete and submit Form 1040X to the IRS, regardless of whether they filed their original return on paper or electronically. Similarly, taxpayers who submit other forms and schedules when making their changes should attach these forms to their Form 1040X. The only exception to this is when the IRS has not yet requested the missing item. In these cases, the taxpayer should wait until they receive the request before submitting the new paperwork. Finally, taxpayers who need to submit amended tax returns for more than one year must send in separate forms in individual envelopes for each year in which errors were made.

When Should I Submit My Amended Return? 

Although many taxpayers are tempted to submit their amended returns as soon as possible after realizing their mistake, this is not always the best course of action. If, for instance, a taxpayer is expecting to receive a refund, he or she may want to wait until receiving that refund to file his or her amended return. At this point, taxpayers can then track the status of their amended return on the IRS’ website. In most cases, status updates start becoming available within three weeks of filing the amended return, although it may be necessary to wait up to 16 weeks for processing. If, however, a taxpayer needs to file an amended return because he or she owes more tax, that individual should file Form 1040X and pay the amount as soon as possible, as doing so will limit the assessment of interest and penalty charges.

Schedule a Free Consultation Today  

If you believe that you made an error on your tax return, please call dedicated tax return preparation lawyer Ronald Cutler, P.A. at 386-490-9949. You can also reach a member of our legal team by completing one of our brief online contact forms.

Resources:

irs.gov/pub/irs-pdf/f1040x.pdf

irs.gov/help/ita/should-i-file-an-amended-return

https://www.hotlineforhelp.com/options-for-taxpayers-who-missed-the-filing-deadline/