When to amend a return

[ggwilliams1591]

My tax return for 2014 was filed with an error in which I forgot to add Gambling income and Cancellation of debt. This error was corrected with IRS and paid taxes that were due on 04/16/2016 . Do I go back to that return to amend?

[MiriamF · Accepted solution]

No, You don't need to amend your 2014 return.

Unless you are still waiting to file your tax return with TurboTax for 2015, there wouldn't be much point in amending. Neither the 1099-C nor the W-2G will have an impact on future returns. You have settled your debt, and that's all that matters.

[ggwilliams1591]

Thank you so much.