Q: What should I do if I made an honest mistake on my income tax return?
A:
The return should be amended using Form 1040X.
Once the return is filed the additional tax owed should be paid and you'll receive a notice for failure to pay penalties. At that point you can either pay the penalty or request an abatement on Form 843 requesting either "first time abatement" or "reasonable cause".
I would suggest contacting a professional so you can have a conversation about whether the "mistake" creates a situation where you need to amend and how to proceed.
Eric Day and Matthew M Montoya agree with this answer
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