Mistakes happen to everyone, and they can happen at the worst time, especially during tax season. Just when you think you were done with tax season, you found you left something out or made a mistake on your return. It’s possible to fix this issue with an amended return, but you need to do it sooner than later to avoid the IRS finding it first and penalizing you for it. However an amended return isn’t always a necessity, especially when the entry you forgot only changes your income by a few dollars.
When to file an amended return:
- An incorrect social security number is found for you, your spouse, or a dependent
- A corrected form has been sent to you by your employer or other source of income
- A large non-cash contribution
- Business deductions for self-employment on Schedule C
- Income that you didn’t know you were supposed to report, such as certain types of benefits
Filing an amended return is easy. All you need is to fill out 1040X and submit it to the IRS. Make sure to attach all corrected schedules to show the changes when you go to submit.
For help with your tax return, contact the Phocus Companies in Phoenix, AZ, to speak to a qualified tax preparer today!
