Tips for preparing an amended tax return

Here are some tips for amending your return: (1) use the right form – Form 1040X; (2) since you are amending, also check for unused deductions or credits and be sure you have the correct filing status and number of dependents; (3) if it is only a math error, you can wait for the IRS to find and fix it for you; (4) if you should have more than one year to fix (e.g. carry-forward losses), be sure to use a separate 1040X for each year and mail them separately; (5) if other schedules are involved, be sure to include them also; (6) if an expected refund from the original return has not arrived, do not file the amended return until after the refund arrives; (7) if your amended return results in more taxes, send the money as quickly as possible so as to lessen interest and penalties – don’t wait to be billed; (8) remember that amended returns can be filed up to three years from the date of the original filing.