Bailey's accountant made a gross error on her tax return. Form 1040X must be filed with the internal revenue service to correct the mistake.
When a taxpayer needs to fix a mistake on a previously submitted federal tax return, they use the 1040-X, Amended U.S. Individual U.S. Income Tax Return. The most frequent errors fixed with this form involve the taxpayer's filing status, the number of dependents, and the omission of credits or deductions. Since the Internal Revenue Service (IRS) frequently fixes such errors while processing returns, Form 1040-X shouldn't be used to fix simple mathematical errors in a tax return.
This form is an itemized, line-by-line description of all potential adjustments, allowing the taxpayer to precisely record each amendment's type, amount, and justification.
Learn more about Form 1040, here
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