The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
You know that feeling when finish writing an email, press “send” and immediately realize you made a mistake (aka one of the worst feelings ever)?
Once you’re done yelling, “Nooooo!” you likely start writing a corrected message.
That’s essentially what you have to do if you make a mistake when filing your taxes. Go ahead, freak out for a minute, then get going on fixing the problem.
On its website, the Internal Revenue Service says your next step depends on the mistake you made:
“Many mathematical errors are caught in the processing of the tax return itself so you may not need to correct these mistakes,” the website says. If you forgot to attach a schedule (forms you need to prepare in addition to your tax return, which the IRS requires for certain types of income or deductions), the IRS will reach out to you and ask for the missing information.
In some cases, like if you didn’t report all your income or you forgot to claim a credit, you will need to file an amended return.
What’s an amended return, you ask? It’s a little like a do-over. Form 1040X looks a bit like its sibling, the good ol’ 1040. (And by old I mean old — the 1040 turns 101 this tax season. Happy birthday!)
Using the 1040X, you enter the changes to any incorrect information on your 1040 and explain the reason behind the changes at the end, attaching any supporting documents. For instance, if you forgot to include a W-2 last time, attach it to the 1040X.
You’ve got a fair amount of time to make these changes, either within three years of when you filed the original return or within two years of when you paid the tax, if you’re trying to get a refund or credit. Whichever one of those deadlines is later is the one you have to meet.
Once you’ve submitted the 1040X, you’re looking at eight to 12 weeks for the IRS to process it. Obviously, you’ll want to be more careful this time, so if you’re uncertain about the changes you need to make, it’s probably a good idea to seek the help of a tax professional.
Image: iStock