Picture this: You file your taxes early, kick back your feet, relax, and then…a 1099 from an odd job comes in the mail. Do you need to amend your tax return? What if you’ve already had your return approved? We give you the lowdown here.
For a sigh of relief, these are the situations when you don’t need to amend:
Now, for when you need to amend. Broaching this is less painful than it seems.
If you need to amend your return, there are a few rules. Most importantly, an amended return cannot be e-filed, regardless of how you filed originally. You must mail in a physical copy. Further, the amended return must be filed within 2 years of the date you paid taxes or 3 years of when the original was filed. This is why saving those receipts is so important!
Also, you can claim missed deductions and credits and retract misunderstood ones you claimed. The same procedure goes for dependents if you happened to misunderstand eligibility. An important note when it comes to your filing status: you cannot switch from married filing jointly to married filing separately once the tax due date has passed.You will have to do so next year.
The IRS is fairly flexible when forms are missed, mistakes are made, or you figured out how to claim a larger refund. This is where e-filing is even more of an advantage, and even if you do have to amend and mail, the hassle will be worth avoiding an audit.
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