You will need to file an amended tax return if you discover that you accidentally left out information, made an error in math or used the wrong codes on your original return. Here is How to Amend a Tax Return on TurboTax:
Amend your tax returns as soon as you realize there is an error or omission on your original return. If you wait too long, you may not be allowed to file an amendment. In addition, the IRS may assess penalties and interest charges if they think you are failing to report additional income or rebating taxes you should have withheld on a payment.
Prior to the Due Date
You can file a superseding return if you need to change your return before the original due date. This is done by attaching a copy of the amended form, along with an explanation of the changes on a replacement return. If you file your amended return electronically, it will be processed in the same way as when you originally filed your tax return. Read on to learn more about how to correct or amend your tax return.
1040-X
You can file an amended return if you need to change your return after the original due date. To do this, file Form 1040-X on or before the last day of the statute of limitations. Be sure to sign the amended return and include copies of documents that support any changes made.
Want to change your tax return? If you spot an error or want to make a correction, you can amend your tax return for up to three years from the filing date. But it’s important to understand why you can’t amend past returns once the IRS has processed them.
When to Amend Your Tax Return
First, if you have a refund coming, you might want to amend your return so that you can get those dollars back sooner. And if you owe additional taxes, the IRS will automatically start collecting them from your bank account or payroll deduction. Second, if you’ve overstated your charitable deductions or took an incorrect number of personal exemptions on your tax return, it may be worthwhile to amend it.
Most of the time, an amended tax return is required when there is additional income, or expenses have been changed. An amended return does not need to be filed for a simple change in marital status, even if money was involved or taken from an IRA. The purpose of an amended return is to change the original tax return. If you are due a refund, this can be applied retroactively on your amended return.