What happens if i filed my taxes wrong

Depending on the size of the tax bill, you could reduce or avoid penalties. If you wait for the IRS or state to find the error or omission, the interest and penalties will continue to grow.

If you e-filed your original return, give it time to be processed before you amend. Also, if you are expecting a tax refund, wait to receive it before you submit your amended return.

There is a special form: you will use Form X to correct any previously filed Use the Form X for the year that you need to change. Keep in mind that Form X cannot be filed electronically; amended returns must be mailed to the IRS. But, if you are amending because you received a notice from the IRS, the amended return should go to the address indicated on the notice, and the notice should be referenced in the amended return.

Claiming ignorance of the law will not help you with penalties if the IRS believes it was an intentional act. It will also not help against criminal charges. Everyone is presumed to know the law.

The notice will state that you have under-reported income and will also state a proposed recalculation of your taxes based on their information. If you realize that you did indeed leave off some income, the best thing to do is to contact them and tell them that you agree with their calculations.

You can then pay the tax due without having to file an amended return. If the IRS rejected your original e-filed tax return, you should find out why it was rejected. Sometimes, it is merely a technical mistake, and you can correct and resend it.

However, it is best to consult with a professional if you get a rejection from the IRS. If you received an IRS audit notice, read the notification very carefully because it will explain why the IRS is auditing your return. Based on the notice, you should immediately collect all supporting documents to prove your position if you believe the IRS is wrong. Get the information and legal answers you are seeking by calling today.

Automated page speed optimizations for fast site performance. You'll need to mail in a paper form to correct any errors. The upside is that if the IRS catches the mistake first and you receive a letter or a notice about it, it may not be necessary to prepare an amended return , Kazenoff says.

It's possible that discrepancies can be worked out with the IRS, she says. If you end up needing to pay more, you can simply agree with the notice and pay in response to the notice rather than amending. Keep in mind that if you need to correct mistakes going back multiple years, you'll have to use separate amended returns for each year.

Each year should be done on a separate form and mailed in a separate envelope. If you forgot to report income, such as that from a side hustle , Kazenoff says you'll likely need to file an amended return, and pay.

You should plan to pay the taxes on that unreported income before the April 15 due date. If you don't, you're going to owe interest on the outstanding balance. You may also face a late filing penalty. You can file an extension, but keep in mind that doesn't extend the time to pay, Kazenoff says. You'll need to estimate what you owe and send it into the IRS before your filing deadline.

And it's important that your estimate be as accurate as possible, she adds. This year, the IRS says you need to pay 80 percent of what you owe for the tax year to avoid a penalty.

Once you file an amended return, you can track its progress. Three weeks after mailing in your return, you can use the "Where's My Amended Return? Processing can take up to 16 weeks. Don't miss: Here's who is more likely to get a lower refund this tax season, according to experts.