Taxes from A to Z: X is for 1040-X

We all make mistakes. And occasionally, those mistakes happen to involve a federal income tax return. For just those occasions, the IRS has created the federal form 1040-X (downloads as a pdf). The form 1040-X is surprisingly short: a mere two pages long. That’s because it’s not meant to be a new return, just an improved one. In other words, the IRS wants you to use the form 1040-X just to correct your errors. Do not file another “original” return since that will just confuse the IRS and will delay processing of your return (and your refund if you’re entitled …

Ask the taxgirl: Gambling Winnings and Losses

Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00. It was reported on a w-2g I did not file a sched. A. How can I report my gambling loss of up to 2500.00 Since I have already filed the 1040ez. Or am I destined to pay this amount. I certainly lost more than I earned. taxgirl says: In most cases, so long as the statute of limitations has not run, you can file an amended return. The statute of limitations for most …