Amended Returns

Oops! You’ve discovered an error after your tax return has been filed. What to do? You may need to amend your return, according to the IRS.

The IRS usually corrects math errors or requests forms (such as W-2s) or schedules left out. In these instances, do not amend your return. However, do file an amended return if any of the following were reported incorrectly:

– Your filing status
– Your total income
– Your deductions or credits

Use Form 1040X, “Amended U.S. Individual Income Tax Return,” to correct a previously filed Form 1040, 1040A, 1040EZ, or electronically-filed return. If you are filing to claim an additional refund, wait until you have received your original refund. You may cash that check while waiting on any additional refund. If you owe additional tax for 2001, you should file Form 1040X and pay the tax by April 15, 2002, to avoid any penalty and interest.

Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.

If the changes involve another schedule or form, attach it to the 1040X. If you are filing more than one amended return, be sure to mail each in a separate envelope to the IRS center for the area in which you live. The 1040X instructions list the addresses for the centers.

Contact your tax preparer to assist you with any amended return needs.


This daily Tax Tip has been provided by the Internal Revenue Service.

You may like these other stories...

IRS audits less than 1 percent of big partnershipsAccording to an April 17 report from the Government Accountability Office (GAO), the IRS audits fewer than 1 percent of large business partnerships, Stephen Ohlemacher of the...
Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the mudslide in Oso, Washington. The loss of human life was...
Divorce is hard, and the IRS isn't going to make it any easier. The IRS generally says "no" to tax deductions that might ease the pain of divorce. In certain circumstances, however, you might be able to salvage...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.