If I simply make a mistake during my tax preparation and I realize later that error cost me (not the IRS) money, will the IRS send me the difference if I alert them to the mistake?
by 3 hours ago
ANSWERS: 2
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Many mathematical errors are caught in the processing of the tax return itself. If you did not attach a required schedule the service will contact you and ask for the missing information. If you did not report all your income or did not claim a credit, you are entitled to file an amended or corrected return using Form 1040X (PDF), Amended U.S. Individual Income Tax Return. Include copies of any schedules that have been changed or any Form W-2 (PDF) you did not include. The Form 1040X (PDF) should be submitted after you receive your refund or by the due date of the return, whichever, is earlier. Generally, to claim a refund, the Form 1040X (PDF) must be received within three years after the date you filed your original return or within two years after the date you paid the tax, whichever is later. See www.irs.gov for additional information concerning amended returns.
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If it is a math error they will generally just make the adjustment. But if you forgot to include something in the return or had additional deductions you forgot about you will need to file an ammended return (1040X).
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