Amending a Tax Return

Each year many taxpayers neglect important tax credits or deductions. Sometimes they select the wrong filing status or even make numerous errors in just calculating their taxes owed.  Fortunately, a taxpayer can go back and amended and re-filed previously filed returns. Currently you can do this as far back as the 2006 tax year.

This could prove to be a seriously worthwhile endeavor for a large group of people. Filing under the wrong status listing an incorrect income or failing to claim all dependants can be seriously adverse. Taxpayers who fall into this group should then take steps towards updating the errorous return. It should be noted that these amended returns can be used to claim credits and deductions missed earlier as well.

Can you amend a return? Well, you must have submit amended returns within three years of the due date or filing date of the original return, or within two years of the date when the taxes were paid, whichever is later.  So if you have a 2006 return, the opportunity to amend it ends April 15, 2010.

So if you qualify, grab a 1040X (U.S. Individual Income Tax Return) and enter the corrected info. Include your refund/balance paid with the original return. All additional supporting documentation, such as new W-2’s, as well as the new/changed forms or schedules are also to be submitted.