HCPLive Network
PERSONAL FINANCE

Amending Your Tax Return Mistake

Laura Joszt | Saturday, March 02, 2013
People are forgetful. Sometimes there’s nothing to be done about it. However, in the case of taxes, you can always correct a mistake, even if you’ve already filed.
 
A year’s worth of information is a lot to remember, and if you leave out a crucial piece of information that could alter you tax refund or tax bill, then you can file an amended tax return to correct any mistake — whether it be that something was incorrect, omitted or incomplete about the original tax return.
 
Taxpayers have a fairly generous window to amend a tax return, according to H&R Block, since the deadline is whichever is later of three years after the original deadline or two years after taxes were paid for that year.
 
If you’ll owe more in taxes, the sooner you amend the better — otherwise you could find yourself penalized by the government and pay more. H&R Block recommends that if you discover a taxable mistake and you e-filed your original return, give it time to be processed before amending it. And if you’re expecting a refund, you should submit your amended return after you receive the refund.
 
Amended returns must be mailed in even if you e-filed the original return. The form to correct 104, 1040-A and 1040-EZ forms is the 1040X.
 
Read more:
Oops! I Made a Mistake on My Tax Return, but I’ve Already Filed – H&R Block

RELATED ARTICLES
Oh no — you were so busy that you never got around to filing your taxes. You either have until the end of Tax Day to file for an extension or can simply file late. However, beware if you owe the government money — you might be subject to penalties and fees.
The deadline for filing taxes isn’t until April 15; but, surely, you’re not going to wait until the last minute. The quickest refunds are issued in 10 days, but the majority take up to 21 days. Naturally, you'll want to be in the first group.
As part of the fiscal cliff deal, there has been a slight change to the Alternative Minimum Tax. This tax doesn't affect everyone, but if it does concern you, then here are five facts about the tax and filing.
RECENT CLINICAL ARTICLES
Although the bite of a brown recluse spider is poisonous, the wounds usually heal well if left alone. However, it is still important to recognize the warning signs of an adverse reaction, warns Donna Seger, MD, medical director of the Tennessee Poison Center, particularly since these potentially dangerous bites are on the rise.
Athletes participating in long-distance races more frequently experience serious events related to heat stroke than serious cardiac adverse events, according to a study published in the August 5 issue of the Journal of the American College of Cardiology.
Over the past several decades, the incidence of human papillomavirus-related noncervical cancers has increased in Canada, according to research published online July 22 in CMAJ Open.