Tax Mistakes? It's Not Too Late! File an Amended Tax Return

Amid the chaos with filming a show, I'm making time to address all of my e-mails. (Tax Questions? I'm here to help, just send an e-mail to this address.) Many of you are stumped on IRS Form 1040X, you need to know how to File an Amended Tax Return. IRS 1040X is less confusing than it seems. Here's some step by step tips that will help you prepare your Amended Tax Returns.

1. First, you have to fill out a NEW Form 1040. You will report the differences between your ORIGINAL tax return and your NEW tax return on Form 1040X.

2. A Form 1040 is required when you file an amended tax return even if you used a different form to file your taxes. Fill out Form 1040 in it's entirety, as the IRS scrutinizes Amended Tax Returns even more carefully than they scrutinize regular tax returns.

Attach all necessary schedules, forms, and documents to the new Form 1040.

3. BEFORE you start on your Form 1040X you need to have your original tax return and your new Form 1040 in front of you, place them side by side for ease. Now get out Form 1040X, you'll notice the three columns.

COLUMN A reports various items from your original tax return. COLUMN C reports the same items from your revised 1040. COLUMN B reports the difference between the old and the new numbers. If the difference is an increase, the number will be positive. If the difference is a decrease, there will be a negative number in Column B.COLUMN A plus COLUMN B should add up to COLUMN C.

4. Remember, the most important part of Form 1040X is on page two of the form. This is the area where you report what changes you made to your 1040 and the reasons for the changes. Be clear and consider in your explanations. The IRS may reject and return your Amended Return if your explanations lack detail. Tell the IRS EXACTLY why the changes are being made.


- Be sure to write the tax year you are amending your tax returns at the top of Form 1040X.

- Check your numbers and your math! Then Double Check them!

-Sign and date your amended return, if you filed jointly have your spouse sign it as well. Many people forget this crucial step.