10 Things You Should Know About Amended Tax Returns

We are all human and we make mistakes, and that goes for doing taxes as well. If you find that there is a problem with your return after you file, don’t worry, you have the opportunity to fix it by filing Form 1040X, an amended tax return. According to the IRS, here are the top 10 things that you and every other taxpayer should know about amending your federal tax return: Taxpayers needing to amend their return use Form 1040X, Amended U.S. Individual Income Tax Return. Taxpayers can use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed electronically. Taxpayers should file an amended return if they discover any of the following items were reported incorrectly: filing status, dependents, total income, deductions or credits. Generally, you do not need to file an amen... [Read Full Article]