How to File an Amended Tax Return | Own Finance

By amending your tax return, you are acknowledging a mistake alternatively than masking it up, so there is certainly no will need to stress about detrimental repercussions. That claimed, if your amended return results in you owing a lot more tax, you may will need to make very good on that financial debt.

You could possibly presume that if you botched the math on your tax return, you can expect to need to file an amendment. But that is frequently not the circumstance. The IRS will most probably correct math glitches on an primary return alone and then deliver you a recognize inquiring you to concur to its changes or dispute them.

A CP2000 detect is some thing the IRS sends out proposing an adjustment to your tax return. That adjustment could operate in your favor or from you. You do not require to file an amended tax return if you concur with your CP2000 observe. In that case, you’d simply just follow its recommendations. (For illustration, if you agree that you owe the IRS some revenue, you would indicator that variety, deliver out a check out, and be done.)

There are selected documents you are meant to include in your tax return, like your W-2 if you might be a salaried personnel. If you recognize you forgot to contain a critical form, really don’t hurry to file an amendment. The IRS will usually speak to you with guidance on how to post the information and facts it requires to system your return.