Tax Return Mistakes Happen—Here’s How to Make It Right

Mistakes happen—even on tax returns. Whether you forgot to include a W-2, misreported income, or realized you qualify for a deduction you didn’t claim, the IRS gives you a way to fix it: filing an amended tax return (Form 1040-X).

What Is an Amended Tax Return?

An amended tax return is a corrected version of your originally filed return. Form 1040-X is used to make changes such as:

·         Adding or correcting income

·         Updating deductions or credits

·         Changing your filing status

·         Including missing tax documents (i.e. W2s or 1099s)

·         Correcting dependent information

When Should You File?

You should file an amended return as soon as possible if:

·         You owe additional taxes (to minimize penalties and interest)

·         You’re eligible for a refund due to the correction

Deadlines to Know

If you’re claiming a refund, the IRS has specific deadlines:

·         3 years from the original filing date of your tax return, or

·         2 years from the date you paid the tax

Whichever is later is your deadline.

Tip

If you owe additional taxes, pay them as soon as possible to avoid accumulating interest and penalties. You can make payments online through the IRS website.

Contact BYB for Help with Filing an Amended Tax Return

If you need assistance with filing an amended tax return, you can reach out to BYB for help.