This information is from a blog of a CPA I know from Northern California who I met years ago when we were attending the same conference. She has great information to share when you need to correct errors submitted on your tax return.
Karen says:
Suppose you discover a mistake or omission of an item on the 2014 federal tax return you recently filed. Should you ignore the error? The answer is generally “no” unless the error involves a mathematical miscalculation or forms you forgot to attach. The IRS will correct those types of mistakes and send you a notice.
You’ll fix other mistakes by filing an amended return. Reasons to amend include changing your tax filing status or dependency exemptions, or overlooking available deductions or credits.
Typically, you want to file the amended return as soon as you discover your error. If you owe additional tax, filing quickly will minimize interest and penalties. However, if the change will result in a larger refund, wait until you receive the refund shown on your original return.
Amended returns must generally be filed within three years from the date you filed your original return. After that, you may no longer be able to claim any additional refund.
If you discover an error or missing information on a return you already filed, give us a call. We can review the situation with you and help you prepare an amended return if necessary.
Karen Peak, CPA can be reached at 916.782.8300 or [email protected].
