Whew! The rush is over and your personal income tax return is done for another year - or so you thought, right up until the moment you discover information you forgot to include. Now what?
The action you take depends on the type of information you forgot. For instance, say you reported all your income on the return you mailed to the IRS. But now you realize you neglected to attach a copy of your wage statement.
In this case, doing nothing is the best option. You'll eventually get a notice from the IRS requesting the missing form.
Other mistakes, such as omitting income or deductions, or deciding you're eligible for credits like the federal telephone excise tax, may require amending your return.
To do this, you'll need to complete Form 1040X. Explain any changes and mail the form to the IRS after your original return has been processed. At present, e-filing isn't available for Form 1040X, so you'll have to use a paper return, even if you submitted the original electronically.
As a general rule, Form 1040X has no set due date. But if the information you left off increases the amount of tax you owe, filing promptly can help reduce interest and penalties.
When the correction results in less tax, you'll need to file before the time for claiming your refund expires (usually three years from the due date of the original return).Please contact us if you find additional information after filing your federal and state tax returns. We'll be glad to help you make any necessary changes.
Questions for our Financial Expert?
E-Mail us at: finance@ClevelandSeniors.Com
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