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Made a Mistake? It's Never Too Late

Made a Mistake? It's Never Too Late

Preparing for Taxes

Made a Mistake? It's Never Too Late

If you find you made a mistake on a previous tax return, all is not lost: Simply file Form 1040X, the Amended U.S. Individual Income Tax Return. File 1040X is used to correct any errors, omissions, or inaccuracies on old tax returns.

Keep in mind filing an amended return could result in an additional refund – or in additional taxes owed. If you find deductions you should have taken, you may be entitled to a refund, but if you realize you did not report income, you could owe tax on that income, especially if you already received a tax refund.

Just make sure you use the tax rates (and follow the laws and rules) for the year of the return you are amending. Tax rates and laws change from year to year, so make sure you follow the rules for the return you need to correct – otherwise you may need to file another Form 1040X.

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