Amending Your 2019 Tax Return

VIDEO TRANSCRIPTION

If you notice a mistake after filing your 2019 tax return, don’t panic. You just need to make things right. Here are just a few reasons to file an amended return: using the wrong filing status, entering income incorrectly, not claiming credits for which you’re eligible, claiming deductions incorrectly. Wondering how you should amend your return? Tax attorney Mary King has some advice. First, complete paper form 1040-X, Amended U.S. Individual Income Tax Return. Even if you originally filed electronically, this paper form is a must. Next, mail the 1040-X to the IRS address listed on the form’s instructions under ‘Where to File.’ Or, if your 1040-X is in response to an IRS notice, mail it to the IRS address indicated on the notice. Number three, attach copies of any forms or schedule affected by the change.

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And finally, pay additional tax owed ASAP to limit interest and penalty charges. But if you expect a refund, wait for the original return to be processed before you file an amended return. Remember, you must file a separate 1040-X for each year you are amending and mail them in a separate envelope, entering the applicable year at the top of the form. Dealing with the IRS can be an intimidating experience, so don’t go it alone. Call the law office of Mary King, P.L., or log onto FloridaTaxLawyers.com.