Yes, you can amend your tax return

Uh oh. You've discovered an error on the tax return that's already been filed for last year. What do you do? First, don't panic. The Internal Revenue Service (IRS) has a procedure in place that allows you to correct tax returns.

Make a list of all the reasons you think an amended return is needed. Was your math incorrect when you did the calculations? If so, it's possible the IRS has already corrected the mistake.

You'll want to file an an amended return if you need to make a change in your filing status, missed a few deductions or are claiming a tax credit, such as the $8,000 first-time homebuyer credit if you bought a home last year.

Use Form 1040X, Amended U.S. Individual Tax Return, to correct Form 1040, 1040A or 1040EZ. You must include the tax year for the return that's being amended. If you are amending more than one tax return, use a separate 1040X for each year and mail them separately. Usually, you have three years from the date of the original return or two years from the date you paid the tax to file an amendment.