Do you need to file an amended return?
Oops! You were diligent enough to get your tax return filed by the April 15th deadline, but now you’ve discovered an error. What should you do?The answer depends partly on the nature of the mistake. If you made a simple arithmetic miscalculation, no worries. The IRS corrects your math automatically. Also, if you forgot to attach W2s or schedules to your mailed return, the IRS will request them if they’re needed. In cases such as these, there’s no need to file an amended return.If you discover an error in your filing status, income, deductions or credits, an amendment is necessary. Don’t be in too much of a hurry unless you think you owe money, because filing and paying quickly will minimize any interest and penalties.If you expected a refund from your original return, wait to receive it before filing an amended version to claim an additional amount. You get up to three years to claim the balance.An amended return must be filed on Form 1040X and mailed in. (If you’re amending more than one year, be sure to send them in separate envelopes.)Even though you can’t electronically file these returns, you can track them from the IRS’ website: Where’s My Amended Return? Your return may take up to 12 weeks to process, so you’ll have plenty of time to think about how to spend your windfall!If you need an established CPA’s help to file an amended return, feel free to get in touch: Office@CPAsite.com or 904-396-5400. Now is also a good time for some planning to minimize 2014 taxes, so call us even if you don’t need an amended return.
