Should you file an amended income tax return for 2023? Each situation should be decided on its own merits. But there’s a general consensus that you should file an amended return immediately if you owe more tax as a result of an omission or misstatement.



If you’ve underpaid your 2023 taxes, consider filing an amended return and paying any tax due. This means paying the difference you owe and interest dating back to the original due date. Strictly speaking, penalties may be due, but you might want to consider waiting to see if the IRS sends a notice assessing penalties, and then request abatement. Conversely, if you gamble that the IRS won’t detect the error, you could be asking for trouble. The penalties for an omission or falsehood can be significant. And the statute of limitations to audit your return is generally three years (six years if you underreported income by 25% or more — or unlimited time for outright fraud).