Amendments 101

Amending taxes involves correcting or updating a previously filed tax return. This process may be necessary if you discover errors, omissions, or changes in your financial situation that affect your tax liability. Common reasons for amending a tax return include correcting filing status, income errors, deductions, or credits. To amend a tax return, you'll typically need to file Form 1040-X, which provides details on the original filing and the necessary changes. It’s important to note that amendments may impact refunds or amounts owed and could trigger an audit if not handled accurately.