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Amending Your Taxes? Be Careful With IRS Source: forbes.com - Feb 23, 2019 Can you amend your taxes if you forgot something or made a mistake? Sure. Should you? It depends. You must file a tax return with the IRS each year if your income is over the requisite level. In fact, you can be prosecuted for failure to file (a misdemeanor) or for filing falsely (a felony). Ask yourself whether the return you filed was accurate to your best knowledge when you filed it. If not, you should probably amend. If so, you are probably safe in not filing an amendment. If you are being audited, amending may also send the wrong signal, further jeopardizing your position. So think about it carefully. Of course, you may want to amend. Perhaps you realized you made a mistake, forgot payment or Form W-2, or left off the income from a Form 1099 you found in the bottom of a drawer. Math errors are not a reason to file an amended return, since the IRS will correct math errors on your return. Similarly, you usually shouldn’t file an amended return if you discover you omitted a Form W-2, forgot to attach schedules, or other glitches of that sort. The IRS may process your return without them, or will request them if needed. Category: General Business |
