- To correct a mistake on a tax return, you will always file a Form 1040X. Form 1040X is actually an amended tax return that replaces the tax return containing the error. So, if you filed a 1040EZ but mistakenly claimed a deduction that you should not have claimed, you will file a Form 1040X that will replace your 1040EZ. The 1040X will contain the correct information. Filling out a tax return form, such as a 1040X amended return, can be complicated. Tax law is confusing and diverse, and it generally takes a tax professional to know all of the exclusions, deductions, and credits to claim. On a basic level, filling out the 1040X is just a matter of filling in the blanks on the form, but you should seek competent, professional tax help if you have any questions on what to include in the 1040X.
- There are three scenarios you might be facing. First, you might need to amend your return in a way that will result in your needing to pay additional taxes. Second, you might want to amend your return to claim additional deductions or tax credits, which will result in your collecting a tax refund. And third, you may need to make an informational correction that results in your tax liability remaining unchanged. No matter what scenario you find yourself in, you should file your 1040X as soon as possible. If you owe more taxes, the additional amount you owe may be subject to a late penalty plus interest. You will want to pay the additional amount as soon as possible to stop interest from continuing to accrue. And, if you are entitled to a refund, the sooner you get your refund check, the better. Additionally, you generally must file within three years of the date of the original return or else you won't be entitled to receive your refund check.
- Because the 1040X is a replacement return, you will need to attach a copy of your original tax return to your 1040X. You do not need to explain what is being amended. When you are ready to file, you should contact the IRS at 1-800-TAX-FORM or search the IRS Website to find the correct IRS office where you should file your amended return.
