I made a mistake on my taxes, what do I do?

I e-filed my 2007 federal and state taxes a couple of days ago. This was my first year of doing taxes and I didn't realize I would be receiving forms other than my W-2. Today I received a form from my school with information about a scholarship I received last year that I had completely forgot about and neglected to add as income in my federal taxes. Because I work super, super part-time, I am way under the line for having to pay taxes and am receiving all my withheld wages in my refund and this scholarship doesn't push me over this line. So, either way my refund is the same, but I'm sure I need to file an amended tax return. How do I do this? Will it cost me anything? How long will it delay my refund?

Public Comments

I would not file the amended return until you get your refund or it will delay your refund I had to do that last year so just wait until you get your refund first I had to pay hr block a 100 for an amended return
I wouldnt worry about it the irs will contact you if you need to file an amended return
Yes, you will need to file a 1040-X which is an amended return. You file the same way as you did your original form. Because it is before April 15th you won't have to pay interest or penalties on the money overpaid to you, just send the overage back. As for the cost of filing, if you go to http://www.irs.gov you can file for free since your income will be low enough.