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Tax return error? Here’s what you need to know

Tax return error? Here’s what you need to know

Preparing and filing your tax return is a process that requires a lot of attention. Imagine going through the whole process and filing it, only to realize that you made a mistake in it and you will have to do it all over again.

Mistakes on your refund have many bad consequences, one of which is that it will take longer to get your tax refund. Worse still, you may owe additional tax.

Many tax errors can be avoided by using tax software or hiring the service of a tax professional to walk you through each step of preparing your return.

If you still file by paper, you must be extra careful to ensure that there are no mistakes. Double-check your details and ensure that you pay close attention to the instructions to fill the spaces provided correctly. Pay attention to the social security number, name, dependents you’re claiming, and so on. Just be sure to double-check everything you have filled.

If your name changed due to marriage or divorce, ensure that you include the name change with the Social Security administration before you fine a tax return with your new name. Pay attention to information about your credits and deductions to confirm their accuracy.

However, mistakes still happen and you may only discover your mistake after you have already filed your tax return. No worries at all.

The IRS has made provisions for people who want to amend their tax returns. To amend your tax return, follow the following steps:


  1. Get a copy of your originally filed tax return: You need to know what you have done before and what to make right. If you don’t have a copy of your tax return, you can get a copy from the IRS.


  1. Get your information together: You need to have complete information on whatever reason why you’re making this change. Did you just receive another W2? Did you just receive a 1099? Whatever it is, have the information with you.


  1. Get a form 1040 and fill it out correctly: You need to include the information that was missing in the previous return. Do this in a new form 1040 and keep it for records’ sake. Take note: this form 1040 will not be filed. It is to be kept with you.


  1. Fill a form 1040X: It is important to go through the steps above before filling this form to avoid confusion. On Form 1040X, there are three columns; Column A is for your original amounts. In column C, you should put in all the correct amounts from your new 1040. Column B should contain the change between columns A and C. So if you added $1,000 dollars to your return, you would have $1,000 in column B.


  1. Mail-in your form 1050X: It doesn’t matter if you did it on paper or online. You must mail in your amended tax return to the IRS.

Going through these processes can be cumbersome and you could use a lot of professional help. Contact us today.

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Internet subscribers, users, and online readers are advised not to act upon this information without seeking the service of a professional accountant. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties, of any kind, under U.S. federal tax laws.