Unless you are getting an additional refund, there is no need to file an amended return.
For individual tax returns the IRS considers a substantial understatement of tax applies if you understate your tax liability by 10% of the tax required to be shown on your tax return or $5,000, whichever is greater. These conditions will result in a tax penalty in addition to the Income Tax you owe.
Substantial Understatement of Income Tax Penalty
If the IRS determines that you did owe additional Income Tax, they will send you a letter outlining the change that they observed and a proposed amount of additional tax. If you disagree you can challenge their calculation. If you agree, you can simply pay the proposed amount. This process will take several months.
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