It will take the IRS at least a year to catch up with you about the mistake, so it is better to go ahead and Amend your Tax Return to correct the mistake in order to avoid any interest and penalties down the road.
You will need to Amend your Tax Return by filing Form 1040-X. If your Tax Return has already been e-filed and accepted by the IRS, you will need to wait until it has been fully processed and you have either received your refund or your payment has cleared.
Once your Tax Return has been fully processed, you can Amend it to correct the Wage Amount.
Check out the TurboTax FAQ below for details on how to Amend your return:
I put the wrong amount its supposed to be 31119 on Lamberth and son it said 3119 the 1099 for Anthony key is 10,210,00 my wife is 13,182 00 on her 1099 I think it right just the Lamberth and son w2 wage went in wrong
If you make an error on the tax return, and you file, wait until the IRS has processed it.
There is a good chance the IRS will correct it, if the error was entering a tax form (that the IRS gets a copy of) incorrectly.
Try not to amend a tax return until the original has processed. Amending too soon will make the returns cross one-another and can cause confusion.
HOWEVER, if the error will cause you to owe additional tax, make sure you send the tax payment in before the due date of April 15th. You can send a check with your social security number and the tax year written in the memo line on your check or money order.
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