Live session with Kiran #TAX AMENDMENT

            The IRS allows you to correct mistakes on a tax return you've already filed by filing an amended tax return.If you make a mistake on a tax return you’ve already filed, the IRS allows you to correct those mistakes by filing an amended tax return. If the correction results in an increase in the amount of tax you owe, it’s to your advantage to file the amendment to avoid potential interest and penalties on the underpayment.

            When to amend a tax return

            The IRS allows you to file an amended tax return only to correct your filing status, the number of dependents you claim, your gross income and to increase or decrease the number of deductions and credits you report on your original tax return. If your original return reports the correct information but includes math errors, there is no need to file an amendment. The IRS regularly checks returns to ensure mathematical accuracy. In the event it finds a math error, your return is automatically recalculated. The IRS will notify you in writing of any recalculation and its effect on your tax bill or refund. 

            Updated: 27 Oct 2016 07:25 AM
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