Unless you choose to file an extension, you file your individual income tax return by April 15th. Do you think you paid too much? Was your refund smaller than you hoped? Did you receive a tax document you weren’t expecting after you filed?

Now is the time to review your tax returns and verify that you claimed the appropriate filing status, included all sources of income, and claimed every deduction and credit for which you are entitled. If you discover income, deductions or credits were omitted or you should have claimed a different filing status, you need to file an amended income tax return.

The amended income tax return allows you to correct your filing status and income, or to add deductions or credits you may have missed. Remember these nine points about amending your income tax return:

1. Use Form 1040X Amended U.S. Individual Income Tax Return to file the amended income tax return;
2. Form 1040X is used to correct previously filed Form 1040, 1040A and 1040EZ;
3. Don’t amend your return for math errors or omitted attachments, wait for the IRS to correct the errors or request the attachments;
4. Remember to enter the tax year you are amending on Form 1040X;
5. Prepare a different Form 1040X for each tax year being amended, and mail them separately to the appropriate IRS location;
6. If changes involve corrections to schedules included with the original return, attach the corrected schedules to the amended return;
7. If your amended return results in an additional refund, wait until you receive your original refund before filing Form 1040X;
8. If your amended return results in additional tax owed, file Form 1040X and pay the tax as soon as possible to limit interest and penalties; and
9. Review your state income tax return to determine if the changes on Form 1040X affect your state tax liability.

Flexible Accounting Services of the Triangle provides a free tax return review and consultation with any taxpayer who wants to verify their tax returns were filed correctly. Contact us today!