Whether you feel that it is worth it or not to file an amended return is not the issue. The issue is whether you are required to file an amended return. If there is a change in your filing status, income, or deductions, the IRS states that you file an amended return. Keep in mind that the IRS receives copies of W2s, and 1099s and they perform matching inquiries to make sure that the information that you report on your tax return matches the information on the documents that they receive.

Using the incorrect filing status or reporting the incorrect amount of income and deductions, can affect the amount of your refund, or the amount that you owe. If after filing your initial tax return, you notice that you used the wrong filing status, or you did not report income or deductions, you should file an amended tax return. If you understated your income, intentionally or not, it is in your best interest to amend your tax return prior to the IRS contacting you. To minimize penalties and interest, if you find that you owe taxes, you should file an amended return sooner, rather than later. For math errors or omission of forms, such as form W2, you normally do not need to amend the tax return. If there are math errors, the IRS will generally catch those and make the necessary adjustments and let you know via correspondence. If you forgot to include a form, and the IRS needs it, they will contact you and request the form. If the reason for amending the return involves an additional form or schedule, when you amend your tax return, remember to include that form with the amended return.

If you are amending a tax return for an additional refund, it is advisable to wait until you have received the refund from the initial return before filing the amended. If you have chosen to receive a paper check refund from the initial return, it is ok to cash the check while waiting for the additional refund.

Use the form 1040X to amend your tax return. Note that amended returns cannot be e-filed. A paper
return will have to be mailed in and the processing time for an amended return is approximately 12 weeks (3 months).

To check the status of your amended return, you can use the Where’s My amended Return Tool on the IRS website. You will need to enter you taxpayer I.D., (social security number), date of birth and zip code. Remember, the processing time for an amended return is 12 weeks, so before checking on your amended return, make sure that at least 12 weeks have passed.