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What do I do if I made a mistake on a federal income tax form?

It may seem that making a mistake on your taxes is the end of the world. Most think it could lead to an audit or heavy fines. However, the IRS has made it strangely easy to amend your taxes. You even have a three year window to fix old filings.

There is one specific set of 2010 IRS tax forms for fixing mistakes on your returns. The tax forms you should pick up are the 1040X. You can even fill out these IRS tax forms online!

What Is It?
The 1040X IRS tax forms aren’t a quick fix-it. What they do is alert the IRS about potential issues before they notice them. This can save you money in a few ways. For one, any fees accrued from the error could be lessened. For example, you might have forgotten to include the taxes on a short term job. If you tell the IRS before they notice, you shouldn’t get charged for the error.

It could also put some extra money in your pocket. Your refund might get an unexpected boost. Maybe you filed as ‘single’ but you forgot that you’re the head of household. This would mean a big change in the money you’re getting. The 1040X IRS tax forms will fix this!

What To Include
Despite the hassles of filling out your 1040 IRS tax forms, the 1040X is very simple to complete.

Make sure you have all your info correct this time. Even if you’re fixing one error, confirm there isn’t something else you might have missed. If need be, do all the calculations again. You don’t want to fill out another set of 1040X IRS tax forms!

Line C of these 2010 IRS tax forms is where you need to explain why you’re filing again. Be as detailed as possible to prevent further errors.

Below that is the section of the 2010 IRS tax forms to report your new filings. Fill in your new, correct info. For exemptions, you may not have to do anything. If you’re changing the number of exemptions claimed on the original document, then fill this section out. Otherwise, skip it.

Now, decide if you want to send $3 to the Presidential Election Fund, sign it, and send it!


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