Amendment of a tax return is very common step taken by many tax payers. Its always better that if some mistake is committed, fix it & file an amended tax return rather than IRS finding out something & you get hit by interest & penalties etc.The IRS encounters thousands annually. The IRS has created ways for taxpayers to Amend Tax Returns that were filed incorrectly.

You don't need to worry about math errors.The IRS generally corrects math errors on tax returns so receiving a letter about a math error does not mean that you need to amend your tax return. Also, IRS usually requests forms that are missing e.g.  a W-2  when they process original returns. If the IRS has done work upto this level, there is no need to file an Amended Tax Return. But remember, a tax return can only be amended within 3 years of the date you filed it or within a period of 2 years starting from the date of your most recent payment.

Now, comes the question that when filing an Amended Tax Return is necessary. If any of the following was reported incorrectly, you should file an Amended Return:

• Your Filing Status
• Your Dependents
• Your Total Income
• Your Deduction or Credits

Here is the method for Filing an Amended Tax Return

1. You are supposed to use Form 1040X for an "Amended U.S. Individual Income Tax Return."
2. Here's how to fill 1040X- Start with writing the year of the Return you are Amending at the top of Form 1040X. Remember, for every original tax return year, you have to file a separate 1040X. Prepare a separate 1040X form for each Tax Return & also mail them in separate envelopes.
3. After completing form 1040X, mail the envelope containing the Amended Tax Form to your area's IRS processing center. The Form 1040X instructions shall list the addresses for your area's IRS processing center.

Don't panic, if you realize that something went wrong, its always possible to amend it. So, go ahead & file an amended tax return on Form 1040X either yourself or you can always use the help of an Enrolled Agent with IRS or a CPA or sitting at home with user friendly tax softwares like Turbotax!!