Do You Need to Amend Your Tax Return?
You filed your tax return on time and forgot about it - that is until you realize you forgot a highly beneficial deduction or the IRS claims you owe more than you should. In this situation, you cannot change your initial return once it is submitted and accepted by the IRS. However, you do have the option to file an amended return. You can file an amended return using Form 1040X, which allows you to enter the proper information. You will also need to provide an explanation of why you are changing the information from your initial return. There is not a need to completely redo everything on the return - you only need to update the information that needs correction and make sure your tax liability is also corrected.…