CHICAGO, April 16, 2019 – Your taxes are done, you filed on time and then days later… you discover another deduction you forgot to list or income you didn’t report. What can you do?
Don’t panic, you can still file an amended return. The Illinois CPA Society offers practical advice on when it’s best to amend a return and what’s involved.
When to Amend?
Filing an amended return enables taxpayers to change their reported income, correct a filing status or provide updates on deductions, credits and other information. For example, if you worked part-time on weekends last summer and forgot to include that income or discovered you’re eligible for a tax credit or deduction after you filed, then you may consider filing an amended return.
Taxpayers may amend a return up to three years from the date the original return was filed (or up to two years after the tax was paid, whichever is later). If you were due a refund from your original return and realize you deserve an additional refund, wait until you get the original refund before you file an amended return.
However, if taxpayers discover when preparing an amended return that more money is owed than previously thought, they should pay it as soon as possible to avoid late payment interest or potential penalties.
Remember, if you are filing an amended federal tax return, don’t forget to amend your state tax return if the same changes apply.
Find a CPA
Partner with a CPA for tax assistance and year-round financial planning. The Illinois CPA Society has a free “Find a CPA” online directory that allows individuals, businesses and not-for-profit organizations to conduct a simple search for a CPA by location, type of services needed, industries served and language preference.