Amend your return – get more money

Amend your return – get more money

1040xYou can still amend your tax returns from 2013, 2014, and 2015.

If you neglected to take a credit or deduction you were entitled to or possibly had a dependent that you could have claimed but didn’t, you can amend your return and get more money.

Items sometimes missed on tax returns:

  • Traditional IRA contributions
  •     Depending on your income level, there is a Retirement Savings Credit for putting money into a Roth, 401k, or similar plan.
  •     There are various reasons to make sure your tax preparer knows you put money into a Roth IRA.
  • Health savings account contributions
  • If you have enough to itemize:
  •      Charitable contributions
  •      Real estate taxes paid for ALL property you own (timeshare real estate tax also; land)
  •      Interest on loans for your residence or second home including a boat/camper that has at least one place to sleep, permanent kitchen area, and a place
  •               to go potty….even if it is a porta-potty
  •                      Interest on up to $1.1 million of debt secured by your first or second home that was used to acquire or improve the properties
  •      Medical over 10% of your income including glasses, contacts, hearing aids, medical supplies, mileage to medical appointments and to get prescriptions
  • Education expenses including books purchased for college
  • Earned income tax credit
  • Child care credit for summer day camps
  • On the Ohio tax return: contributions to a 529 College Savings Plan

 

Linda Reinhardt

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