This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Remember: You Can Fix Mistakes Made on Your 1040

By Elizabeth Rosen for

NEW YORK ( -- Even if you take great care in preparing your federal income tax return, you may realize that some of the information you provided is missing or incorrect after you have filed.

Because mistakes and omissions can sometimes occur, the IRS allows taxpayers to amend their tax returns (and to claim any additional tax breaks or tax refunds).

READ: Why you should say no to debit cards

To amend your return, you must submit IRS Tax Form 1040X (Amended U.S. Individual Income Tax Return) within three years from the date your original tax return was filed, or within two years from the date your tax was paid, whichever is later. Note that a separate 1040X Form must be filed for each tax year you want to amend.

Form 1040X can be used to correct previously filed Forms 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ.  You can also use Form 1040X to make certain elections after the established deadline, to change amounts that were previously adjusted by the IRS or to claim a carryback (due to a loss or unused tax credit).

On the 1040X Form, you will be asked to explain the exact nature of the changes you want to make. Keep in mind, if the changes you are making involve another tax form or schedule, these documents must be attached to your amended return. Also remember that if you are making changes to your federal income tax return, you may also need to adjust/update your state income tax return.

An amended tax return cannot be filed electronically using the e-file system. Form 1040X must be filled out and submitted in paper form by mail to the IRS. Once your amended return is received, the IRS will begin processing it and will notify you if any additional information or documentation is needed.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,862.72 +84.57 0.48%
S&P 500 2,075.33 +14.10 0.68%
NASDAQ 4,775.7190 +27.3230 0.58%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs