What action should a taxpayer take if they realize they forgot to claim a deduction?

If a taxpayer realizes they forgot to claim a deduction, the most appropriate action is to file an amendment to their tax return. Amending a tax return allows the taxpayer to correct errors or omissions, including missed deductions that could increase their refund or reduce their tax liability. This process involves completing Form 1040-X, which is the amended U.S. individual income tax return, and sending it to the IRS along with any necessary documentation to support the claimed deduction.

Taking the step to amend the tax return is important because it ensures that the taxpayer can receive the tax benefits they are entitled to. By filing an amendment, the taxpayer can correct their return within a specific time frame, which generally includes the current tax year plus two previous years for claiming refunds related to deductions.

In contrast, leaving it as is and hoping for a sufficient refund does not address the oversight and could result in the taxpayer potentially missing out on funds owed to them. Changing the tax filing status or contacting the IRS for guidance might provide some information, but neither action directly resolves the issue of unclaimed deductions in an effective manner. Amending the return is the proactive solution that directly corrects the mistake.