Tax time can be stressful, and if you realize you've made a mistake after you filed your taxes, it's even worse. If you didn't make a deduction, input the wrong data or simply forgot to file a form, you have nothing to worry about. Amending your tax return is fairly simple: You'll be able to make sure your taxes are correct and correct any errors.

In this guide, we'll walk you through every step of the way on how to file an amended tax return. At the end of it, you will be able to make the changes needed and make sure your tax records are up to date.

Why You Might Need to File an Amended Tax Return?

There are plenty of reasons why you might want to amend your tax return. You submitted your taxes, but maybe you noticed a mistake, or perhaps you missed some valuable deductions. The most common reasons for missing out on tax credits are forgetting to report extra income, filing with the wrong filing status, or not claiming the Earned Income Tax Credit if you are eligible.

Whether it's because of an error, or just because you forgot to do it, the good news is that you can fix these mistakes by filing an amended tax return. With this process you are given the chance to put things right, whether you owe more taxes or are due a refund. Get those errors addressed sooner rather than later so that you don't pay any penalties or delays in getting your refund.

Step-by-Step Guide: How to File an Amended Tax Return

Filing an amended tax return may seem intimidating at first, but its really just a matter of following a few key steps. Lets break down the process in simple terms.

Gather Your Documents and Review Your Original Return

You will need to get your original tax return, whether it's Form 1040, 1040A, or 1040EZ. Then you'll have a reference point for what changes you need to make.

Gathering any additional documents or information that will have to be included in your amended return is something you'll also want to do. That might be updated W-2s, 1099 forms, or any other paper you may have overlooked when you first filed.

Fill Out IRS Form 1040-X

The form youll need to file to amend your return is Form 1040-X, the Amended U.S. Individual Income Tax Return. You can download this form from the IRS website or request a copy by mail. On this form, youll list the changes you're making to your original return.

Form 1040-X is pretty straightforward, and it includes three columns:

• The first column shows the amounts from your original tax return.
• The second column shows the changes youre making.
• The third column shows the corrected amounts.

In the space provided on the form, youll also need to explain why youre making the changes. Whether its a missed deduction or income you forgot to report, be sure to clearly state the reason for each correction.

Pay Attention to Deadlines

The IRS does provide you with some time to file an amended return, but you still need to know the deadlines. For most taxpayers, you can amend a return up to 3 years after the date you first filed or 2 years from the date you paid any taxes you owewhichever is later.

If you need to amend your return to get a refund, be aware of these deadlines so you don't miss out on the chance to fix your return and claim refunds to which you're entitled.

Mail the Amended Return to the IRS

Once youve filled out Form 1040-X and reviewed it for accuracy, its time to submit it to the IRS. Unlike your original return, you cant e-file an amended returnyoull need to mail it in.

Make sure you send the amended return to the correct address. The IRS website has a list of addresses based on your state, so double-check to avoid any delays in processing your return.

Wait for the IRS to Process Your Amended Return

The IRS takes time to review and process amended returns. On average, it can take anywhere from 8 to 16 weeks for them to process your changes. While youre waiting, its best not to file anything additional unless the IRS asks for more information. If you owe more taxes, be sure to make any necessary payments along with your amended return.

You can check the status of your amended return using the IRSs Wheres My Amended Return? tool. This will give you updates on the processing of your form.

What Happens After You File an Amended Return?

After your amended return is processed, the IRS will send you an updated notice confirming the changes they made. This notice will show whether you owe additional taxes or are due a refund.

If you owe more taxes, youll need to pay the balance by the due date to avoid interest and penalties. If youre getting a refund, the IRS will send it to you within a few weeks of processing your amended return. If your amendments impact your state taxes, you may also need to file an amended state return. Check with your state tax agency to make sure youre in the clear.

Common Mistakes to Avoid When Filing an Amended Tax Return

While filing an amended return is relatively simple, there are a few common mistakes to watch out for. Heres a quick list of things to avoid:

Missing the Deadline: File within the IRS time limits to avoid missing your chance to make corrections.

Incorrect Forms: Be sure youre using Form 1040-X and that its filled out correctly.

Not Including Supporting Documents: If youre amending your return due to missing income or deductions, include the correct documents to back up your changes.

Not Checking State Taxes: An amended federal return could affect your state taxes, so dont forget to check with your states tax agency.

Conclusion

Filing an amended tax return may seem like extra work, but its worth it to get your taxes in order. Whether you missed a deduction, reported incorrect income, or simply forgot to claim a credit, fixing those mistakes ensures youre paying the right amount and avoiding penalties. The process doesnt have to be overwhelming. By following the steps outlined above, you can make corrections to your tax return with confidence.