Did you make a mistake on your 2023 taxes? Here’s what you need to do now:

When you finally send your tax return to the IRS, it’s only when it’s too late that you realize you’ve done something wrong. Maybe you forgot to withdraw from your retirement account or take a side job from earlier in the year. Or maybe you confused some numbers when filling out the form. Whatever the cause, you now have a problem.

Fortunately, it’s a fixable problem, but the solution may not be what you’re looking for. Here’s what you need to do to correct the problem:

Why You Can’t Ignore Tax Errors

You may want to do nothing about the error and hope the IRS doesn’t notice. The chances of being audited are very low, but it’s still not worth the risk. If you make a mistake and end up underreporting your income, and the government notices, they can impose additional taxes and penalties. And if they determine that you were intentionally trying to hide some of your income, you could go to jail.

If you over-reported your income or missed out on an important tax break because of a mistake, you could lose part of your refund if you do nothing. This can be especially devastating if these tax breaks are worth thousands of dollars.

It is much better to fix the problem right away before the IRS finds out about it. Here’s the solution:

Submit an Amended Tax Return

You can correct errors by filing an amended tax return. To do this, you must complete Form 1040-X. This can be done on paper or through tax preparation software. You can also file your 2023 amended return electronically if your software supports it. If not, you may have to mail it to the IRS.

On Form 1040-X, you must enter the number that appears on your 2023 tax return that you have already filed. You will then need to record the exact amount and the difference between the two. You will also need to write an explanation of why the report needs to be revised. You must also attach supporting documents when submitting.

Generally, you must file an amended return three years from the date you filed your original return or two years from the date you paid any taxes due for the year, whichever is longer. However, if you want a refund of what you owe, the sooner you do it, the better.

You may have to pay extra for tax software to amend your return, and you may also be required to file an amended state return. If you have any questions about what to do, it is a good idea to consult with a tax professional who can advise you on your specific situation.

next stage

When you file an amended return, the IRS will review it. This generally happens faster for electronic returns than for paper returns. If your amended return is approved and results in a higher refund, the government will send you the additional amount you owe.

If your amended return results in a tax bill, you must pay the amount due in advance or enter into a payment agreement with the IRS. There are options to pay over several months and monthly installment plans. However, all of these methods require you to pay interest on your bills every month.

You can check the IRS website for up-to-date information on the status of your amended return. If you have any questions about the amended return you filed, it is best to contact the IRS. Please be patient as the entire process may take several weeks to resolve. It’s worth it in the end. Especially if it can put more money back in your pocket.

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