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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. • • 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. • • 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. • • Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.
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