Claim Missed Deductions or Credits
Now let’s get into some of the more common reasons why you might want to file an amended return. Many people file one to claim an overlooked tax deduction or credit. The tax code is chock full of tax breaks, so it’s easy to miss one that applies to you.
If you discover a deduction or credit that you qualify for after filing your original return, simply file an amended return within the three-year period described above to claim it now and get a refund. It might not be worth the effort if it’s only going to reduce your taxes for that year by a few bucks, but you do have the option.
Also, if you’re amending an older return, remember that the recent tax-reform law changed many tax breaks beginning with the 2018 tax year. Several deductions and credits were eliminated or reduced, but others were added or expanded. So just because you’re entitled to a tax break now doesn’t mean you were entitled to it on your pre-2018 return.
