Amended returns are available to both correct mistakes as well as to claim overlooked tax benefits and credits.
The most common reason for amending Form 1040 is to change the filing status of the taxpayers which, if not corrected, will result in the incorrect reporting of total income, deductions and credits. Timely corrections will assure that inaccuracy penalties will not be assessed as well as the avoidance of possible audits. This video reviews correct filing status rules, and time limits for filing amended returns.
IRS CIRCULAR 230
Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency.
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