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Discovering a Mistake After Your Tax Return Is Filed

Filing your tax return can be a meticulous process, but mistakes can still happen. Whether you completed your tax return yourself or worked with a professional, discovering an error after submission can be stressful. However, understanding when and how to correct these mistakes is crucial to ensuring your tax filings remain accurate and compliant.

The IRS Handles Some Errors for You

Not all mistakes require you to file an amended return. The IRS often corrects certain types of errors automatically. Here are a couple of situations where you likely won’t need to take any action:

  • Math Errors: If you made a simple arithmetic mistake, the IRS will generally catch and correct it during processing. You’ll receive a notice detailing the correction, and you won’t need to amend your return.
  • Missing Forms or Schedules: If you forgot to include a required form or schedule, the IRS will typically send you a letter requesting the missing documents. You can submit the necessary paperwork as directed, without filing a new return.

When an Amended Return Is Necessary

While the IRS can handle some errors, others will require you to file an amended return. Filing an amended return is necessary if you:

  • Change Your Filing Status: If you originally filed as single but later realize you should have filed as head of household or married, you’ll need to file an amended return to correct this.
  • Report Missing Income: If you forgot to include income from a side job, investment, or other sources, you must file an amended return to accurately report all income.
  • Correct Deductions or Credits: If you realize after filing that you claimed a deduction or credit you weren’t entitled to, or if you missed one you were eligible for, an amended return is necessary to adjust your tax liability.
  • Adjust Your Tax Liability: Any changes that affect your overall tax liability, whether they result in a refund or an amount owed, typically require filing an amended return.

Filing an Amended Return: Steps to Follow

If you determine that an amended return is necessary, follow these steps to ensure the process goes smoothly:

  1. Use Form 1040-X: This is the IRS form designated for amending a tax return. It allows you to correct errors and explain the changes you’re making.
  2. Include Supporting Documents: Attach any forms or schedules that are impacted by the correction, such as W-2s, 1099s, or updated deductions and credits.
  3. Submit the Amended Return: You can file Form 1040-X electronically for certain tax years, or you can mail it to the IRS. Filing electronically may expedite the process, but be aware that amended returns generally take up to 16 weeks or more to process.
  4. Track Your Amended Return: Use the IRS “Where’s My Amended Return?” tool to monitor the status of your amendment. This will help you stay informed about when to expect a resolution.

Know When to Seek Professional Help

Amending a tax return can be straightforward, but certain situations might require professional advice. If you’re unsure whether you need to amend your return or how to correctly file an amendment, consulting with a tax professional can provide clarity and help you avoid further complications.

For personalized advice and assistance with your tax return, contact Guerrero CPA at 210-490-7100. Our team of experts is here to guide you through the process and ensure that your tax filings are accurate and compliant with all IRS regulations.