Mistakes can happen on your taxes. Maybe your employer gave you a W-2 that was incorrect. Maybe you forgot to record $500 that you got paid for a wedding last summer. Maybe you accidentally typed 510 as 150 on your notes and underreported income. Regardless of what happened, here are some tips for amending your taxes:
- Determine if the mistake will actually change your taxes before you file an amendment. For example, you are using the standard deduction, changes in charitable donations or taxes paid may not actually change the return for you.
- If your corrections result in more tax, you will be expected to pay the additional tax. You may also be charged penalties and/or interest on the unpaid amount, depending how much time has passed and the circumstances of the correction.
- Use Form 1040-X to amend your federal return. Use the appropriate state amendment form, if necessary.
- After three weeks, you can track the status of your 1040 amendment at https://www.irs.gov/filing/wheres-my-amended-return.
Even if Clergy Financial didn’t prepare your return, we can help to correct errors on old filings. Visit our website at https://www.clergyfinancial.com/services/clergy-tax-preparation/free-tax-review/ for a complimentary review of previously filed tax returns.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (888) 421-0101
Fax: (888) 876-5101