Not every tax mistake may require you to file an amended return, but some mistakes are important to correct.
If you made a minor mistake in addition or subtraction, for example, the IRS will probably make the correction for you. The agency will send you a letter telling you what they corrected, how it affects your return and what you have to do next, if anything.
But for major errors, you should file a an amended return using Form 1040X.
Some errors that should be corrected using an amended form:
– Income that was not reported.
– Wrong filing status
– Dependent change.
– Deductions not claimed.
On the two-page 1040X, you’ll have a chance to explain why this mistake was made, but be sure to read the form carefully, paying close attention to the instructions, according to Forbes.
You’ll need to reference the tax form you filed, but are changing, so make sure you have a copy.
Remember that changes to one item affects another. So if you list higher income, your tax liability may increase or your refund may decrease.
If you owe money, you’ll have to mail it with your Form 1040X (you can’t make an amendment online).