Filing an amended return may be what you need. Do not worry if you have just realized you have made a mistake after filing your 2023 tax return. The IRS warns that you should find out first if you must amend it or not.
Answering a few questions the IRS has set will help you decide. See below for the “Should I File an Amended Return?” link website. In general, there are a few reasons to file an amended return.
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But what are they? Usually, it is necessary to file an amended return if there is a change in your income. On other occasions, you may need to amend a return if your filing status has changed.
DO I NEED TO FILE AN AMEND TO GET A DEDUCTION FROM THE IRS?
As a matter of fact, it is a common reason to file an amended tax return. Getting a deduction you did not know you qualified could definitely come in handy. It can help you reduce the taxes you must pay.
Do not forget about the Earned Income Tax Credit or the Additional Child Tax Credit. Some forget to claim these credits. Others ignore these two credits even exist but learn about them from a relative, a friend, or a colleague.
Very often, many people forget to claim any dependents. So, the IRS recommends filing for an amended tax return if there is a change in the number of dependents in your family.
CHANGES IN YOUR TAX LIABILITY
When there is a change in your tax liability, but you did not report it to the IRS, you must also file an amended tax return. To file an amended tax return you will need Form 1040-X.
Visit https://www.irs.gov/forms-pubs/about-form-1040x to fill out this form and submit it. It is possible to file this form online. Using tax software to file Form 1040-X is possible too.
The IRS insists on sending all the same forms and schedules as you did when filing Form 1040. Do not worry because you can file an amended tax return 3 times for the same year. Visit https://www.irs.gov/help/ita/should-i-file-an-amended-return to see if you should file an amended tax return or not.