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Reasons Why You May Need to File an Amended Tax Return

Thousands of people amend their tax forms every single year. An amendment means ‘to make a change.’ If you made a mistake, failed to claim deductions, or made other mistakes, completing an amended return can be a hassle, but it can also cause you to receive a lower refund than possible or other headaches. When does it become necessary to file an amended tax return?

You Received Another Income Statement

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If you received another income statement or W2 after filing your return, it is possible to amend the return to include this additional money in the filing. Don’t think that this doesn’t happen because it occurs more frequently than many people realize.  Since you are responsible to report all of your income, you should file an amended return.

You Missed a Deduction

If you anticipate a refund you want to take as many deductions as possible to increase your refund amount. However, credits are also beneficial for anyone who may need to pay Uncle Sam at the end of the year. If you filed your taxes only to realize later that other deductions were available, you can file the amended return.

You Received an Amended W2

Everyone makes mistakes. We’re only human after all, as you realize sitting here learning why you might need to amend your return. One reason that you might need to amend the return is because the employer made a mistake on the W2 and has sent out a new form entirely.

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