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Tax Tip of the Week
For the week of
May 13, 2002

Amended income tax returns are commonplace

How do you correct an income tax return you've already filed? If you forgot to report income or if you failed to take a deduction that would have reduced your taxes, you can file an amended tax return to correct the oversight.

There is no need to fear the IRS just because you file a corrected tax return. It is a very routine matter. The more complicated the tax law becomes, the greater the chance that a previously filed tax return may need to be corrected. Oversights and missing information are quite common. You are not alone in this boat.

Amended returns are also called for if tax law changes allow for retroactive adjustments. This has been the case in the past few tax bills, such as the recently passed economic stimulus law.

An amended tax return may result in either a refund or a balance due. In either case, Form 1040X is usually required to be filed within three years from the due date of your original tax return.

In deciding whether or not to file an amended return, you should take into account the amount of money involved. Unless your amended return is requesting a rather sizable refund, it should not make you any greater an audit target than your original tax return. And filing a return for a $50 refund would probably waste more of your time than it's worth.

If you've discovered an error or missing information on one of your tax returns, give us a call. We will review your prior tax returns and adjustments to help you determine the need for filing an amended return. We are here to see that you pay no more tax than the law requires.

Prior Tax TipsClick here to view previous tax tips.

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The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

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