Oops! Do You Need To File An Amended Tax Return?

Hey, everyone makes mistakes. Especially on math. But when it comes to federal tax returns, the IRS can cut you some slack.

You have the option to file an amended tax return, but like anything involving the IRS, there are some specific rules:

Math errors and missing schedules don’t usually require an amended return. Good news! “Taxpayers usually do not need to file an amended return to fix a math error or if they forgot to attach a form or schedule. The IRS will correct the math error while processing the tax return and notify the taxpayer by mail. The agency will send a letter requesting any missing forms or schedules.”

Here’s when a taxpayer does need to file an amended return. A taxpayer will need to file an amended return if there’s a change to their:

• Filing status
• Income
• Deductions
• Credits
• Tax liability

How do you file an amended return? Use the right form:

1) Use Form 1040-X, Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040-series return or to change amounts previously adjusted by the IRS.

2) File Form 1040-X electronically for your 2020, 2021 or 2022; Forms 1040 or 1040-SR.

3)Additionally, you can electronically amend Form 1040-NR and Form 1040-SS/PR for tax year 2021 and 2022.

Got that? A little bit of saving grace is that you can file your amended return electronically and receive any refund by direct deposit to your bank account. This option is not available for those who file on paper.