Tax Planning Should I Amend My Tax Return for A Small Amount? Read the Article Open Share Drawer Share this: Click to share on Facebook (Opens in new window) Facebook Click to share on X (Opens in new window) X Click to share on LinkedIn (Opens in new window) LinkedIn Click to share on Pinterest (Opens in new window) Pinterest Click to print (Opens in new window) Print Written by Elle Martinez Published Apr 26, 2024 3 min read Reviewed by Jotika Teli, CPA What if you’ve already filed your taxes well before the deadline but realized after tax day that you accidentally left something out? If that’s the case, you might find yourself wondering when exactly you are required to amend your return, especially if the change is minimal. Table of Contents Do You Need to Amend Your Tax Return?How to Amend Your Tax ReturnCorrecting a Tax Return Do You Need to Amend Your Tax Return? First, make sure you really need to amend your tax return. If you’ve made minor math errors, the IRS says that they will handle those adjustments automatically without requiring a Form 1040-X, Amended U.S. Individual Income Tax Return. However, if you need to report additional income (such as from wages, unemployment, retirement, investments, etc), or change your filing status, claim missed tax credits or deductions, then you will need to amend your tax return. Lastly, you will only have to amend your return has already been accepted by the IRS. If your return is still pending, it might still be rejected. In this case, just make your required changes and try filing your return again. How to Amend Your Tax Return In order to file a Form 1040-X, Amended U.S. Individual Income Tax Return, you will need to either print and sign the return and then mail it, or you may be able to electronically file your amended return for 2023. E-filing your amended return will save on some delivery time since it can take up to 20 weeks to process amended returns after the IRS receives them. For amendments for tax year 2020, 2021, and 2022, you will need to print and mail your tax return in. If you’re amending a tax return and happen to be expecting a bigger tax refund, the IRS advises that you wait for the original tax refund check to come in before sending in your amended return. In this case, you may cash the check received from the original return while waiting for your additional tax refund. You can conveniently check the status of your amended return and your additional refund with the IRS using the Where’s My Amended Return tool. Correcting a Tax Return Another situation where you do not have to file an amended tax return is if you already e-filed your tax return and just received a document reporting income. If you did, your e-filed tax return may be rejected by the IRS and not accepted due to the necessary correction needed. Instead of having to amend your tax return, all you need to do is add the previously missed forms, fix the reject error on your tax return and then e-file the return again. If you use TurboTax, we will guide you through correcting the reject status on your tax return. Lastly, remember when you amend your federal tax return you may need to amend your state tax return since some states follow federal tax law. When using TurboTax, the changes made to your federal return will automatically transfer to your state return, making the process simple. As always, TurboTax has you covered. There’s no need to worry if you do have to file an amended tax return. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. Get started Previous Post Volunteering This Summer? Find Out if Your Work is Tax… Next Post 5 Tax Deductions and Credits for Working Moms Written by Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. More from Elle Martinez Visit the website of Elle Martinez. Follow Elle Martinez on Facebook. Follow Elle Martinez on Twitter. Comments are closed. Browse Related Articles Tax Planning How Do I Know if I Should Amend My Tax Return? Tax Planning Amend Your Tax Return for Income Changes & Revisions Tax Tips Do You Need to Fix Your Filed Tax Return? Tax Planning When Should You Amend Your Tax Return? Tax News Unemployment Stimulus: Am I Eligible for the New Unemployment Income Relief? Self-Employed The Basics of Quarterly Tax Payments Life Overpaid Tax: Why It Matters to You Tax Planning Podcast: First Time Filing Taxes? Start Here! Health Care Affordable Care Act Update: New Information About Form 1095-A Tax Deductions and Credits What is an Earned Income Tax Credit & Do You Qualify for It?