What to Do If You Made a Mistake on Your Tax Return
Tax day is already here, but if you made a mistake with your tax refund, you might have to do a little work. Fortunately, filing a modified declaration is a relatively straightforward process. Here are a few things you should know about this.
If you find that you have made a mistake on your federal return, you will have to use Form 1040X to change this return. In addition, there are several important facts to keep in mind.
If it’s a minor mistake, the IRS will probably notify you
If you made a math mistake or forgot to attach the form to your taxes, the IRS will likely find it and send you a request. In other words, you don’t have to worry about anything.
However, there are a few cases where the IRS is proposing an amendment, such as requiring deductions or loans. They include more reasons in the instructions for the 1040X form .
You must mail the corrected return
You will need to fill out Form 1040X on paper and send it to the IRS. TaxSlayer will tell you where to submit this form , depending on where you live.
You have three years to file
You usually have three years to file a correction on Form 1040X. According to the IRS, “You can also file it within two years from the tax date if that date is later than the three-year rule.”
Wait until you receive your return to file
Yes, the IRS says that you should wait to submit an update until you receive a refund from the original refund. You can also cash a check for a refund. It will take up to 12 weeks to process your modified return and additional refund.
On the other hand, if your renewal means you have to pay additional taxes, the IRS recommends filing and paying the additional tax as soon as possible to avoid interest and penalties.
Form 1040X includes additional instructions to help you with this process. For more information, you can also follow the link below.
To make a mistake? Make changes to your tax return | IRS.gov