form, or they forgot to report self-employment income, or they incorrectly claimed someone as a dependent.
• Although it's tempting to let such mistakes slide, chances are the IRS will discover the error eventually, and when they do you could be liable for interest and penalties going back to the due date of the original tax return. Worst case: You could even face criminal charges for filing a fraudulent return.
• Here's a guide to when - and how - you should file an amended tax return:
• If you discover an error on your federal income tax return after having already e-filed or mailed it, you may file an amended return using IRS Form 1040X (at www.irs.gov). The following rules apply:
• • Amended returns cannot be e-filed; you must submit a paper version.
• • Submit a separate Form 1040X for each year's return you wish to amend and mail them in separate envelopes.
• • Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
• • If your amended return involves changes to another schedule or form, you must attach a revised version of that schedule or form.
• • If you're filing to claim an additional tax refund on a recently filed return, wait until you've received the original refund before filing Form 1040X. You're allowed to cash the original check while