We are all human and we make mistakes, and that goes for doing taxes as
well. If you find that there is a problem with your return after you file,
don’t worry, you have the opportunity to fix it by filing Form 1040X, an
amended tax return. According to the IRS, here are the top 10 things that you
and every other taxpayer should know about amending your federal tax return:
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Taxpayers needing to amend their
return use Form 1040X, Amended U.S. Individual Income Tax Return.
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Taxpayers can use Form 1040X to
correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be
used to correct a return filed electronically.
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Taxpayers should file an amended
return if they discover any of the following items were reported incorrectly:
filing status, dependents, total income, deductions or credits.
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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.
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You also do not usually need to
file an amended return because you forgot to include forms – such as W-2s or
schedules – when you filed; the IRS normally requests those forms from you.
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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.
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If you are amending more than one tax
return, prepare a 1040X for each return and mail them in separate envelopes to
the IRS processing center for the area in which you live. The 1040X
instructions list the addresses for the centers.
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If the changes involve another
schedule or form, attach it to the 1040X.
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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.
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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, without regard to extensions.
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