Have you been looking at your old tax forms and realized that you made a mistake? Or perhaps you recently filed, only to have a form you forgot about arrive in the mail a few days later. If this happens to you, you need to correct your taxes in order to prevent IRS penalties, increased audit risk, or to collect money that might be due to you.
Correcting a mistake on your taxes isn’t as hard as you might think. If you hired a company or used software to file your taxes, they have the option to go in, make applicable changes and fill out the proper form for you. If you filed your own taxes, you will need a form 1040x and the instructions, as well as your original tax return.
Fill out the 1040x and send it to the IRS along with a copy of your original return. Ensure that you provide any supporting documents that could be needed to show why the changes were made.
If you need to amend returns for more than one year, be certain that you mail each year back to the IRS in a separate envelope. Amended returns do not typically increase your risk of being audited, but failure to complete them might.
If you made a mistake on your taxes this year or in a tax year gone by, it is important to fill out a form 1040x as soon as possible.