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Dave CPA
Dave CPA, Accountant
Category: Tax
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Experience:  Vast knowledge within the accounting/tax industry
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hi. i realized i had too much deductions in my return. how

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hi. i realized i had too much deductions in my return. how can i change that? i probably owe some money back?
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If you deducted too much on your return, you can file amended returns to fix the problem. You may owe money back, but most states and the IRS are reasonable about setting up payment arrangements.

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Customer: replied 4 years ago.

ok. so even though i received my refund i can still amend it?

Yes, you can amend a return at any time. Generally, returns are usually amended within 3 to 6 years of the original filing.
Customer: replied 4 years ago.

so if i correct this on my own volition before the irs finds it i am ok?

Yes. If you wait for the IRS, much more significant penalties and interest could apply.
Customer: replied 4 years ago.

but if i do it on my own what penalties apply?

Customer: replied 4 years ago.
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Hello,

Another expert here,

If you pay the entire balance due on your amended return within 1 year of timely filing your amended return, no interest or penalties will be charged on the balance due. Payments made after you file Form 1040X should clearly designate that the payment is to be applied to reduce the balance due shown on the Form 1040X per IRS Notice 2008-95.

You can reference this on the instruction of 1040X on page 4

http://www.irs.gov/pub/irs-pdf/i1040x.pdf
Dave CPA, Accountant
Category: Tax
Satisfied Customers: 840
Experience: Vast knowledge within the accounting/tax industry
Dave CPA and other Tax Specialists are ready to help you
I apologize for not replying sooner. The expert the replied to your last question is correct regarding the application of penalties associated with an amended return.