Q) I made a mistake on my federal return already filed. What should I do?
A) If you made a mistake on your federal tax return, you can file an amended return to correct it. You can file Form 1040-X, Amended U.S. Individual Income Tax Return, to amend your return. You can file Form 1040-X electronically or by paper.
Here are the steps on how to file an amended return:
- Get Form 1040-X. You can get Form 1040-X from the IRS website or by calling the IRS at 1-800-829-1040.
- Complete Form 1040-X. Be sure to include the correct year of your return and the correct social security number.
- Attach any supporting documents. If you are amending your return to claim a refund, you will need to attach any supporting documents that show the amount of the refund.
- Sign and date Form 1040-X.
- Mail Form 1040-X to the address listed in the instructions.
If you are amending your return to claim a refund, the IRS will usually issue the refund within 16 weeks of receiving your amended return. If you are amending your return to pay additional taxes, you will need to pay the taxes when you file your amended return.
Here are some additional things to keep in mind:
- You can only amend your return within three years of the original due date of your return.
- If you are amending your return to claim a refund, you may have to pay interest on the refund if you file your amended return more than 24 months after the original due date of your return.
- If you are amending your return to pay additional taxes, you may have to pay penalties in addition to the taxes.
If you are unsure about whether you need to amend your return or how to do it, you should consult with a tax professional.