I screwed up my taxes. What do I do now?

Factual Questions
1

Here’s the problem. Ever since I first started paying taxes when I was 17, I’ve always used for 1040EZ and I’ve always done them myself. I never have my W-2’s for more than 10 hours without actually filing my return.

Well, this year, I filed just like I always do. I was perfectly happy with my $257 refund. It’s been about a week and I’m expecting my refund before 2/1. So today, I get a letter from my school. Apparently, I’m eligible for the Lifetime Learning Tax Credit and the Hope Scholarship Credit. If I’m understanding the guidelines, I should be getting Between $800 and $1000 more - depending on which one I choose. What do I do now? I’m so depressed. I’ve never screwed up my taxes before and certainly not in the IRS’ favor. If I’m actually allowed to get that money, I want it dammit! I could really use that money. I still have books to buy for next semester and my check engine light has been on since October.

Of course, it’s possible I’m reading this all wrong and I’m not actually eligible. It sems like I am though.

So, what do I do now? How do I fix this (in my favor and legally), without pissing off the IRS?

2

You can file an amended return. It’s Form 1040X (pdf).

3

File an amended tax return Form 1040X and all should be well.

4

Run & Hide.

5

:smiley: I almost did that. Until I realized that the screwup was in my favor.

6

Trust me, you’re not the first person to make a mistake. I imagine that the number of people who fill out all parts of their income tax return 100% correctly is pretty close to 0%.

There are so many different interpretations of the Tax Code that it’s pretty hard to not be wrong on something.

I filed a 1040X last year when mutual fund company sent me a 1099 form in March. Threw everything off. It eventually got sorted out.

7

Do it fast. You have two years from the date of filing. You may be owed for other years too, those creidts have been around a few years.

8

And don’t fret too much. You’re not trying to pull a fast one and the amount involved is too small for the IRS to care enough to send the very best (auditors).

I remember one time I had a math error on my return. I got an automated note from them with the refund (shrunk to cover the error) attached. It’s no big deal.