Filing taxes is always stressful, but 2020 brought all kinds of new challenges. Given the complications of COVID, quarantine, and the stagnant economy, filing may have felt like an even greater burden than before. Add extensions, stimulus programs, and other changes, and mistakes are easier to make than ever.
The good news? It might not be too late to fix your tax return if you messed up. While the IRS will sometimes correct small numerical mistakes on taxpayers’ behalf, this option isn’t reliable. Thankfully, the process of correcting your tax return doesn’t have to be difficult, as we explain below:
How to Amend Your Tax Return
This is one of few tax situations calling for minimal documentation. Simply complete IRS Form 1040-X, which is also referred to as “Amended Tax Return.” Once known as Form 1040X, the document was recently revised by the IRS.
In addition to correcting omissions or numerical mistakes, IRS Form 1040-X can be used to claim extended tax benefits or take advantage of disaster-related tax relief enacted at the end of 2019.
Simple and straightforward, IRS Form 1040-X can be filed electronically if you prefer. Whether completed digitally or in writing, the form provides opportunities to clarify exemptions, deductions, and other important matters. It also includes a space for explaining changes in sentence form. Feel free to attach supporting documentation, which may verify the need for an amended return.
Before you submit Form 1040-X, double-check for any additional errors. Occasionally, taxpayers make new mistakes while amending previous errors.
If you suspect you made a mistake while filing your taxes, seek help as soon as possible. A quick fix may be available if you get guidance from a trustworthy resource. The experts at the Highland Tax Group are happy to lend a helping hand. Reach out today to learn more.