None of us are immune to errors. You might stick a cake in the oven only to forget about it and wind up with a burnt pile of sugar and flour 60 minutes after the fact. Or you might head to the grocery store to buy milk and eggs, only to forget the eggs via a good old-fashioned brain fart.
These things happen. And there’s no sense in beating yourself up every time you make a mistake in life. Similarly, you might make a mistake when filing your taxes.
Maybe you forgot to report the interest income you earned in your savings account last year. Or maybe you forgot to claim a deduction or credit you realized you were entitled to.
You may be wondering if you need to amend your tax return if you realize you’ve made an error. And the answer is, it depends on the type of mistake you made.
There’s no need to amend a tax return because of a math error
Even with the advent of calculators and other tools that let our brains off the hook from crunching numbers, it’s possible to make a math error — both in general and on a tax return. Of course, filing your taxes electronically could decrease your chances of making a math error. When you use tax software, certain calculations happen automatically so they don’t have to happen just in your head.
Either way, you generally do not need to file an amended tax return if you realize you made a math error on the original return you submitted. The IRS will typically aim to correct math errors on its own.
You need to file an amended return if there’s a change to your income or filing status
There are certain situations where you have to file an amended tax return due to having made a mistake. First, if you entered the wrong filing status, you need to file an amendment to correct that. The same holds true if you forgot to claim a dependent or claimed a dependent you shouldn’t have.
It’s also important to file an amended tax return if you made a mistake relating to your income. That could include:
- Failing to report income or underreporting income
- Overreporting income by accident
- Forgetting to claim a tax deduction you’re entitled to
- Neglecting to claim a tax credit you’re eligible for
You’ll need to file Form 1040-X to amend your tax return. Keep in mind that if you receive an updated 1099 form after submitting your tax return, you’ll generally need to file an amendment. A mistake of that nature may not be your fault — but you’ll be required to file an amended return nonetheless.
Don’t rush through your taxes
You might spend weeks slowly and methodically working on your tax return only to still end up making a mistake after all’s said and done. But generally speaking, the more time you give yourself to tackle your taxes, the less likely you are to make a mistake.
So don’t rush the process. Taxes are due this year on April 15. If you haven’t started yours yet, you have about a month to get your return submitted. Kick off that process soon so you’re not stressed and rushed.
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