If you’ve waited until the last possible moment to do your taxes, there’s probably a better chance that you’ll rush through the process and make an error. An error you’ll only realize you’ve made just after you’ve clicked on the e-file button or after the mailman has spirited your return off to Mount Doom.
The form allows you to double back and fix any errors, ideally reducing your chance of facing an audit or letting the government keep more money of yours than it’s legally entitled to.
The Fox Business post offers the following 1040X tips:
*File a different 1040X for each year you amend, and mail each form in its own envelope.
*Enter the tax year you’re amending at the top of the form.
*Explain on the back the reasons you’re making the changes.
What’s the most egregious mistake you’ve managed to fix with a 1040X?
Made a Mistake? Form 1040X To the Rescue [Fox Business]