Errors With Tax Form: How to make corrections on tax return files?

Paying taxes on time is our duty, but what if in a hurry, you made some mistakes!!!

If you unintentionally made a mistake on your tax return, you need to correct it with the IRS. In order to correct the error, you will need to file an amended return with the IRS. Remember, if you fail to make a correction for the mistake in due time, you may be charged with penalties and interest. You can file the amended tax form yourself or have a tax professional prepare it for you. 

Let's check out some ways to rectify the errors.

Refile Your Tax Return 

You can make corrections by refiling your taxes if you need to make a change or forgot to add something. Do this simply by filing an amended return using Form 1040-X. This Form 1040-X is available on the IRS website or at an IRS local office. Also, you can have a professional prepare the amended return for you. 

Penalties For Incorrect Tax Return 

Penalties can be applied to your incorrect tax return. For example, if you are liable to pay more tax, more penalties will be applied in correlation to the increase in tax. On the contrary, if your tax return resulted in less tax, there would be no penalties. 

Major Frequently Asked Questions (FAQs)

What If You Forgot To Include A W-2? If you filed your tax return and forgot to include a W-2, you should immediately file an amended return and include the W-2. It is quite simple.

Will The IRS Catch It If You Have Made A Mistake? When the IRS cross-references your returns with other information, their technology will surely catch any mistake or incorrect information reported on your tax return.

How Does The IRS Double Check Tax Return? The IRS’s computer programs continuously check tax returns using automation. If any discrepancy is found when the computer cross-checks a return with other data it has on file, that return is flagged and analyzed by an individual.

Is Filing Taxes Incorrectly Leading You To Jail? You cannot go to jail for making a mistake or filing your tax return incorrectly. However, if your taxes are wrong by design and you intentionally leave off items that should be included, the IRS can look at that action as fraudulent, and a criminal suit can be instituted against you. If you simply make a mistake and take action to correct it, then it is not unlawful.

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