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Personal Finance > Taxes Amending your tax return

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Amending your tax return
Everybody makes mistakes. Even the IRS realizes that, and has provided a special form for taxpayers to fix theirs, form 1040X. While it might seem intimidating to tell the IRS you were wrong, it's better to fix your mistakes than wait for them to be found. Besides sometimes those mistakes are in your favor and you can get some of your money back from the IRS. If they're not, the IRS will assess interest and sometimes penalties on what you owe, so it's best to correct the problem as soon as your realize there is one. Generally you have three years from the filin...

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