Should I Change My Tax Return for a Small Amount?

Tax Day has passed, and you have filed your taxes well ahead of the deadline. But what if you realize you forgot something? When should you make changes to your tax return?

Do You Need to Amend Your Tax Return?

First and foremost, ensure that you require a tax return amendment. If you made minor math errors, the IRS says they will be able to handle adjustments without requiring a 1040x amended tax return. However, if you need to report additional income (W2s, unemployment, etc.), change your filing status, or claim lost tax credits and deductions, you must do so. If your tax return has not yet been accepted by the IRS, you must amend it.

How to Amend Your Tax Return

To file a 1040x Amended U.S. Individual Income Tax Return, you must either print and sign it, then mail it, or, as of last summer, e-file it. Because it can take up to 16 weeks for the IRS to process amended returns after they are received, e-filing it will save some delivery time.

If you are amending a tax return and anticipate a larger tax refund, the IRS recommends that you wait for the original tax refund check to arrive before submitting your 1040x (you may cash the check you received). Equity Taxation can walk you through the process of amending your tax returns if you need assistance. If you filed your 2020 tax return (taxes due in 2021) prior to the implementation of the American Rescue Plan and were eligible for the unemployment income benefits exclusion, you may not need to file an amended return to claim those benefits.

Tax Return Errors

But hold off on pressing the amend button! In another instance, you are not required to file an amendment. Have you recently received a K-1 or 1099 after e-filing your tax return? You don’t need to alter your tax return if your e-filed tax return was rejected by the IRS and not approved owing to a necessary modification. All you have to do now is fill out the previously missing forms and correct the reject error on your tax return before e-filing it. We’ll also walk you through rectifying the reject status on your tax return if you utilised Equity Taxation.

Finally, keep in mind that if you change your federal tax return, you may also need to amend your state tax return, as some states follow the federal guidelines legislation concerning taxes The Where’s My Amended Return tool allows you to check the status of your amended return with the IRS.

Equity Taxation will take care of your taxes.

Don’t worry if you don’t know how to update your tax return. Equity Taxation will walk you through modifying your tax return, and if you used Equity Taxation Live to prepare your taxes, you may connect live via one-way video with a Equity Taxation Live tax expert year-round for no extra fee.