Filing an Amended Tax Return
Correcting Tax Mistakes Using Form 1040X

By William Perez, About.com Guide

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It happens to the best of us. You gather all your tax documents, crunch the numbers, and double check everything on the tax return. No sooner have you dropped the return in the mail or pressed the efile button, but a new W2 or 1099 comes in the mail. Ah, now you remember. And now you need to revise your tax return.

Revising your tax return is done by filing an amendment. You use Form 1040X, plus a new Form 1040, and any necessary schedules and forms. Amended tax returns have to be filed on paper, and they can take 8 to 12 weeks for the IRS to process.

Why File an Amendment?

You should file an amended tax return if you need to correct your filing status, total income, tax deductions, or tax credits. You should not file an amended return if you are only correcting math errors. The IRS computers will check your math and correct any errors in calculation.

Reasons for filing an amendment include:

Claiming additional dependents,
Removing depedents you previously claimed,
Reporting your proper filing status,
Reporting additional income – from a W2, 1099, or other income statement,
Making changes in your above-the-line deductions, standard deduction or itemized deductions,
Changing your personal exemptions,
Recalculating various tax credits,
Claiming tax credits you previously did not take,
Reporting additional withholding – from a W2 or 1099.