Tax season is over and now you've reviewed your return and you found an error. Should you amend your return?
In general it is advised to amend your return if you discover that you incorrectly reported the following items:
- your filing status
- your dependents
- your income
- your deductions
- your credits
If you simply discovered a mathematical error on your return, don't worry about it. The IRS will make the correction for you. If you forgot a form the IRS will send you a notice requesting it - just wait for their letter and do as they request.
If you determine that you should amend your return please do so within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later If you are filing to claim an additional refudn, wait until you have received your original refund before filing your amended return. If you owe additional tax you should amend your return and pay the tax as soon as possible to minimize interest and penalties.
Best wishes,
Gina
http://GLGcpa.com
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