Did you know eighty percent of all people made a mistake on their 2018 tax returns? If you’ve made a mistake on your most recent return, know that you’re far from alone.
Some tax mistakes can prove costly. For example, the IRS can leverage fees or fines against people who don’t pay enough taxes. Errors can also significantly lower the total refund you receive in some instances.
If you’ve spotted a mistake, how can you fix it? First off, don’t panic. Then, continue reading to learn how to amend taxes in our simple step-by-step guide.
Why You Might Need to File an Amended Return
You won’t always need to file an amended return if you notice an error. For example, if it’s just a basic mathematical error, the IRS will fix it for you. If your circumstances change, however, you may need to file an amended return.
If you need to change your dependents or received an amended W-2 from your employer, you’ll need to amend your return. You can choose to fix these mistakes on your own using the steps below. Or, you can amend tax mistakes with Silver Tax Group.
Step 1. Collect Your Necessary Documents
Before anything else, you’ll want to collect any necessary documents. This includes a copy of the original tax return you filed. Other documents you may need to collect include:
- Amended W-2s
- Amended 1099
- Proof of new dependents
- Form 1098 mortgage interest statement
Step 2. Fill Out the Appropriate Forms
The correct form to file for an amended tax return is a 1040-X. You should fill it out according to the instructions on the form itself. You can also find detailed instructions online.
Step 3. Submit Your Forms to the IRS
Grab the 1040-X you filled out in its entirety and attach any necessary documents for the amendments. Remember to also include a copy of your original tax return for reference. Then, you can mail it to the IRS.
Alternatively, you can file electronically through certain revenues. The IRS website and certain tax software will allow you to file amended returns.
If you feel confused about the process, it’s best to seek professional assistance. To reduce the risk of mistakes on your original tax return, you can use a professional service from the beginning. Then, if an error is made, most professional services will help you fix it for free (or at a reduced cost).
More Questions About How To Amend Taxes?
It’s more common to make mistakes on your federal taxes than you’d think. If you spotted an error, you could file an amended return using our step-by-step instructions above. If you’re still feeling confused, you may want to consider using a professional tax preparation service.
Do you have more questions about how to amend taxes?
Check out our other blogs. You’ll find information on taxes, finances, and related topics to help you learn more on the subject.
