Should I Amend a Tax Return?
Discovering a mistake was made on a tax return may cause panic and fear of ramifications from the IRS, however to err is human, and if appropriate action is taken then there is usually little to no cause for concern.
If a tax return has been filed and includes an error there is the option to file an amended return. Errors could be due to simple miscalculations, incorrect information on W-2, 1099 or other tax form, or even receiving a tax form after filing. However, some errors don’t always warrant filing an amended return.
If a form or schedule was not included with the return the IRS will send a notice informing you of the missing item in the mail, remember they will never call you!
If there is a simple math error the IRS will make the correction and will adjust taxes owed or refund amount.
Errors that DO need to be corrected with an amended return include:
-incorrect filing status
-deductions and credits
-number of dependents.
If you are expecting a refund or credit with the amended return it must be filed within 3 years of the original filing date, or 2 years after you paid the tax, whichever is later. It should be noted that if taxes are owed, penalties and interest will be calculated after filing the amendment by the IRS and/or state.
The above information is of a general nature only and should not be relied upon for specific situations. Click here for additional tax services information.
Call Marlies Y Hendricks CPA PLLC at either 716-694-3500 or 910-769-8730 as required to set up an appointment