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I hope that someone can help me with this...I have lost sleep all weekend! In beginning our taxes for 2009 I discovered an error on our 2008 taxes. I evidently made an error when reporting our total expenses as $12,117. Our actual expenses were just over $6k. The error didn't make a difference last year because we only took $2300 of the credit, but this year the carry forward is now showing $9k instead of $4k. As long as I reduce the carry forward credit to reflect the proper amount would I still need to amend my prior return?? Thanks for any advice you can offer!
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You do need to amend your prior return. Any time you make a mistake in your reporting you need to amend it - remember, you could still be audited on your 2008 tax return! The phrase "I didn't think it mattered" doesn't go over well in an audit, even if it turns out that particular number didn't make a difference in the return.
Amending a return is a bit of a pain, but it's not insurmountable. Hang in there!
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