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Questions after you filed your taxes

Questions after you filed your taxes? The Sacramento area tax experts at Cook CPA can answer any lingering questions you may have after sending your return to the IRS.

What if you find that you made an error on your 2012 tax return after it’s been filed? It’s not too late to correct tax return mistakes!

Maybe you overlooked a big deduction. Perhaps an employer sent a late notice of income. Or possibly you just received a corrected Form 1099 from your investment broker. Don’t worry! You can use an amended return to correct the mistake.

In general, you have three years to amend a personal or business return. (Special rules may apply when you paid taxes late, or are claiming particular business losses or carrybacks.) You may even be entitled to as long as seven years for filing an amended return if you need to claim a loss on a worthless security or bad debt.

Many amended returns are filed each year using Form 1040X to document the income or deductions that you need to change. A separate form is required for every previous year you need to amend. You are required to file a paper copy in order to amend your return, even if you originally filed electronically. For corporate returns you will file a Form 1120X, but the process is similar.

In cases where you owe additional tax because of the change, you should send payment at the time you file the amended return. The IRS will contact you about additional interest or penalties.

Please contact our office if you have questions about amending your return that has already been filed. Cook CPA Group at or 916-432-2218.