Made A Mistake? The IRS Gives You A Do-Over

You've filed your 2010 federal tax return and are sitting back, waiting for your refund, when suddenly it hits you. You made a mistake on your Form 1040.

Don't panic. Even through you've already filed your taxes, the Internal Revenue Service (IRS) anticipates taxpayer errors, as well as new information, and has something called the 1040X -- also known as the amended return.

First, not all mistakes require an amended return. The IRS service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, you don't need to file an amended return. The IRS will send you a notice of additional payments or forms required.

When to amend

However, do file an amended return if your filing status, your income, your deductions or credits are incorrect.

If you are filing to claim an additional refund, wait until you have received your original refund. Go ahead and cash the check.

If you owe additional tax for a tax year, file Form 1040X and pay the tax by April 15 of the following year to avoid penalties and interest. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.

File a separate Form 1040X for each year you are amending. Mail each form in a separate envelope. Be sure to indicate the year of the return you are amending.

Give the reason

There is an area on the front of the form to explain why you are filing Form 1040X. Generally, to claim a refund, Form 1040X must be filed within three years from the date of your original return or within two years from the date you paid the tax, whichever is later.

Attach copies of any forms or schedules that are being changed as a result of the amendment, including any Form(s) W-2 received after the original return was filed.

Tax forms can be obtained by calling 800-829-3676 or visiting the IRS website.

An amended tax return cannot be filed electronically under the e-file system.

Normal processing time for Forms 1040X is 8 to 12 weeks from the IRS receipt date.