Amended Tax Return: When Should You Consider Filing One?
Finding an error after filing a tax return does not always mean disaster. Some mistakes can be corrected through an amended return when amendment is appropriate.
1. Income Was Missing or Incorrect
A late or corrected W-2, 1099 or other income document may change the return. The effect depends on the amount, type of income and information already reported.
2. Deductions or Credits Were Missed
A taxpayer may discover information that affects an allowable deduction or credit. Eligibility and documentation requirements still apply.
3. Filing or Dependent Information Changed
In some circumstances, filing-status or dependent information may need correction. These areas can involve detailed eligibility rules and should be reviewed carefully.
4. Do Not Amend Merely to Chase a Refund
An amended return should accurately correct the original filing based on the facts and law. It should not be used to manufacture deductions or credits that cannot be substantiated.
Urban AZ Financial Amended Return Review
Urban AZ Financial can compare the original return with new information, identify the effect of a proposed correction and prepare an amended return when appropriate.











