Tax Tip Tuesdays: When Should You Amend Your Tax Return?

May Sung
Jul 1
2 min read

Nobody loves doing their taxes twice — but sometimes it’s necessary. If you realize you made a mistake or left something out after you filed, you may need to file an amended return to fix it.

Here’s a quick guide to help you decide when to amend and when you can relax.

Good Reasons to Amend

You forgot to report income. A missing W-2 or 1099 means the IRS will eventually send you a notice. Filing an amendment first can save penalties and interest.
You found a deduction or credit you missed.
Maybe you forgot about student loan interest, education credits, or other deductions that could lower your tax bill.
You chose the wrong filing status. For example, you filed Single when you could file as Head of Household. This can make a big difference.
You need to fix your dependents. Claiming or removing dependents changes your exemptions and credits.
You received corrected forms. Employers or investment firms sometimes send out corrected W-2s or 1099s after you file. These must be updated.
You missed reporting foreign income or accounts. If you forgot about FBARs or FATCA (Form 8938), you should fix it ASAP to avoid big penalties.

When You Don’t Need to Amend

Math mistakes: The IRS will fix basic math errors for you.
Missing forms that don’t affect your numbers: If you left out a schedule that isn’t needed to calculate your tax, the IRS may accept the return anyway.
If you get an IRS notice you agree with: Just pay or follow the instructions — no need to file a separate amendment if the IRS already adjusted it.

How Long Do You Have?

You generally have three years from the original filing date, or two years from when you paid the tax, to file an amended return and claim a refund.

How to Do It