It happens all the time. Shortly after filing their tax returns, many taxpayers discover a deduction they overlooked or some income that should have been included.
You might find yourself needing to change things on your tax return; maybe due to a discovery of a deduction that was overlooked on a federal tax return that has already been filed. Or you realize that you didn’t report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks you can benefit from.
The good news is, an amended tax return may be the answer for you.
Generally, amended returns generally must be filed within three years from the date you filed the original return, or within two years after the date you paid the tax, whichever is later.
As always, there are exceptions to this rule. For example, when it comes to amending a tax return to claim a loss for worthless investments or non-business bad debts, for example, you have up to seven years.
Contact your tax professional for assistance to review past tax returns, check for forgotten deductions and file amended returns.