I significantly underreported my 2007 state tax deduction

In my 2007 Federal 1040 Schedule A, I significantly underreported my state tax deduction. It's a long story ... I'll spare you the details.

My question is: is an Amended 2007 return the only way to fix it? Or is there some way to take the (extra) deduction in 2008 for the prior year's (2007) underreported state tax deduction? I'm due a pretty large refund.

Crmsonkng,

You must amend your 2007 Schedule A, using a 1040-X

If you were preparing your taxes using a computer program, you probably must amend your state return too.

If a state refund is the result, do not forget to claim that as income on your next Federal return.

yup you can ammend it. just be honest. call or inquire the finance department and tell them honestly. I think they will understand. At least you are now reporting the incidence right? :)