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In tuesday’s article, I mentioned that I forgot to record one of my joint accounts’ interest earnings on my tax return and I went on to talk about what I’ve learned about tax returns and joint accounts. If you’re one of those people that thought it was weird that I never talked about how I was going to fix this error, then today’s article will address this.

What should we do when we realized that we made a mistake on our return but it was already filed?

Basically, it will depend on whether you e-filed or not. If you e-filed and the IRS rejects your return, then you have a chance to fix the error and resubmit. However, if you e-filed and the IRS accepts your return (meaning the return is already on the way), then you will have to wait till after you receive your refund. Once you receive your check, you should prepare and file a Form 1040X. Note is that this form can only be mailed and cannot be filed electronically. Once you mail the form, it may take the IRS up to 3 months to process the Form 1040X, so don’t be alarmed if you don’t hear from them after 2 months!

There are basically 4 steps to file a 1040X:

1. Have your original Form 1040 handy - You will need information on the original form to file the 1040X
2. Note Changes - Take notes on each change on the original tax forms and the reason for each change
3. Fill out Form 1040X - The information on steps 1 and 2 will help with this
4. Mail the form - Remember to include all accompanying documents!

It is more work to correct errors but it is very important to be accurate with our filing because we don’t want to be caught with an filing error with the IRS! I will be sure to keep everyone updated on the progress!