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waiting for any additional refund.
• • On the other hand, if your amended return will result in you owing additional tax, file it right away to limit interest and penalty charges that might accrue.
• • The normal processing time for a Form 1040X is eight to 12 weeks.
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• You needn't file an amended return because of simple math errors - the IRS will automatically make corrections and bill you for any additional tax required (or increase your refund). Nor must you file a 1040X if you forgot to attached tax forms or schedules to your return. The IRS will send a request if it needs them.
• However, you should file an amended return if you:
• • Received additional or amended tax forms or statements from employers, banks or investment brokers after you filed your return (e.g., W-2 or 1099 forms).
• • Forgot to report income.
• • Overlooked tax deductions or credits you could have claimed.
• • Claimed deductions or credits for which you weren't eligible.
• • Didn't claim a dependent you were entitled to, or claimed someone you shouldn't have.
• • Chose the wrong filing status.
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• One last tip: If you're going to the trouble of filing an amended tax return for a specific reason, review the entire original return carefully for any other deductions, credits or exemptions you might have missed the first time.
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• Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.