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Can I fix my tax return if I made a mistake? | Layton & Stacey Smith
You made a mistake on your tax return, but you didn’t realize it until after you filed. Now you’re stuck wondering if you can go back and fix it.
In this episode, we answer this question and tell you how to do it. Grab your favorite drink and cigar to hear our advice.
Amending a Return
Can you fix a mistake on a return? The short answer is yes, and this is known as amending a tax return.
You’ll have to fill out the 1040-X form and attach it to your original 1040 form to show the changes you made to your tax return.
You can use this form when changing your filing status, income, deductions, or credits.
Also, you may have to include supporting documentation when amending your tax return.
When Should You Amend a Tax Return?
We share some of the reasons why someone should amend their tax return:
You receive a W-2 after filing your return
Receiving a letter from the IRS stating they notice an error
You forgot to include a W-2
Filing status error
Missing tax credits or deductions
Incorrect personal information such as your social security number or name
Should You Leave Out Income?
Never leave out any income when filing your return. You risk getting into trouble with the IRS.
We share several examples of clients making this mistake.
Even if it’s an honest mistake, you should still amend a tax return to include the additional income.
Remember to reach out to a tax advisor if you need help.
Amended Tax Return Deadlines
There are deadlines for filing an amended return.
You have three years from the original due date to file an amended return. Usually, it is April 15.
Two years from the date you pay your taxes when you own taxes.
When you have the incorrect social or name on your tax return, it should be rejected. However, this doesn’t always happen. - Layton Smith.
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By Layton Smith and Stacey Hoffler SmithYou made a mistake on your tax return, but you didn’t realize it until after you filed. Now you’re stuck wondering if you can go back and fix it.
In this episode, we answer this question and tell you how to do it. Grab your favorite drink and cigar to hear our advice.
Amending a Return
Can you fix a mistake on a return? The short answer is yes, and this is known as amending a tax return.
You’ll have to fill out the 1040-X form and attach it to your original 1040 form to show the changes you made to your tax return.
You can use this form when changing your filing status, income, deductions, or credits.
Also, you may have to include supporting documentation when amending your tax return.
When Should You Amend a Tax Return?
We share some of the reasons why someone should amend their tax return:
You receive a W-2 after filing your return
Receiving a letter from the IRS stating they notice an error
You forgot to include a W-2
Filing status error
Missing tax credits or deductions
Incorrect personal information such as your social security number or name
Should You Leave Out Income?
Never leave out any income when filing your return. You risk getting into trouble with the IRS.
We share several examples of clients making this mistake.
Even if it’s an honest mistake, you should still amend a tax return to include the additional income.
Remember to reach out to a tax advisor if you need help.
Amended Tax Return Deadlines
There are deadlines for filing an amended return.
You have three years from the original due date to file an amended return. Usually, it is April 15.
Two years from the date you pay your taxes when you own taxes.
When you have the incorrect social or name on your tax return, it should be rejected. However, this doesn’t always happen. - Layton Smith.