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If you made a data entry error for an amount from a Form or document reported to the IRS, such as a W-2, the information will not match up with the information reported to the IRS. They will catch it electronically, and it will generate a letter that will be mailed to you indicating they are proposing a change to your tax return. If you agree, you don't have to do anything, except pay the additional tax and any penalty due.
You can file an amended return, however it will be approximately six weeks before they even acknowledge receipt of the Amended Return and even longer to process it. It's likely they will correct your error before they process an amended return.
If you wait for the IRS, you might want to prepare, but not file an amended return so that you have a copy of the return that agrees with what the IRS has on file after any adjustment.
If you made a data entry error for an amount from a Form or document reported to the IRS, such as a W-2, the information will not match up with the information reported to the IRS. They will catch it electronically, and it will generate a letter that will be mailed to you indicating they are proposing a change to your tax return. If you agree, you don't have to do anything, except pay the additional tax and any penalty due.
You can file an amended return, however it will be approximately six weeks before they even acknowledge receipt of the Amended Return and even longer to process it. It's likely they will correct your error before they process an amended return.
If you wait for the IRS, you might want to prepare, but not file an amended return so that you have a copy of the return that agrees with what the IRS has on file after any adjustment.
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